Bring On the Chasers!

 | Feb 27, 2013 | 10:38 AM EST  | Comments
  • Comment
  • Print Print
  • Print
Stock quotes in this article:

TZA

,

xin

Our oversold bounce continues, probably with some help from end-of-month window dressing. There isn't any news flow and that is probably helping to produce a little squeeze action.

We have better than 2-to-1 positive breadth with biotechnology, homebuilders and oil leading, while precious metals and solar energy lag. Solar has been a hot group recently but a poor report from First Solar (FSLR) appears to have killed that momentum.

LinkedIn (LNKD), Priceline (PCLN) and Google (GOOG) are leading the big-cap momentum names, while Netflix (NFLX), Facebook (FB) and Apple (AAPL) struggle. We are hitting intraday highs as I write and that is bringing in chasers who hate being left out.

I sold down most of my Direxion Daily Small Cap Bear 3X Shares (TZA) hedge yesterday, but I'll be looking to reload an inverse ETF at some point. I'm going to give this bounce a bit more room before I start looking at that play.

I have a few trades going, with the most interesting being Xinyuan Real Estate (XIN), a Chinese real estate developer that posted solid quarterly earnings of $0.47 this morning vs. $0.38 last year. It has a strong balance sheet and even pays a dividend. I'm building the position and looking for a move through recent highs.

Columnist Conversations

I'm eyeing possible support in this one....writing about this tonight! View Chart &raq...
It was a quiet start to the week, in as much as the broader market was concerned. With only three trading day...
Market closes flat as oil & commodities take hit today on back of stronger dollar...something that could c...
Latest PAYX/IHS Small Business Jobs Index released today...Mountain region and Texas metro continue to lead th...

BEST IDEAS

REAL MONEY'S BEST IDEAS

Columnist Tweets

BROKERAGE PARTNERS

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data provided by Interactive Data. Company fundamental data provided by Morningstar. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by Interactive Data Managed Solutions.


TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

IDC calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.