In No Rush to Buy

 | Mar 08, 2012 | 10:53 AM EST  | Comments
  • Comment
  • Print Print
  • Print
Stock quotes in this article:

FIO

,

invn

,

clne

,

cyan

,

yndx

,

goog

The flippers are hitting this open pretty hard, especially in small-cap land, but breadth is still solid and the bulls haven't given up yet. I suspect there is some dip-buying interest out there, but they are waiting to see if the market will find some early support. 

While there is plenty of green on the screens, there aren't any notable themes creating momentum.  All major sectors are up, with biotech, banks and steel leading. The relative weakness in small-caps confirms that there isn't much speculative interest out there. Stocks are holding, but the movement has been quite random, and it hasn't been lending itself to overt aggression. 

I'm continuing to trade stocks I've mentioned lately, such as Fusion-io (FIO), InvenSense (INVN), Clean Energy Fuels (CLNE), Cyanotech (CYAN) and so on. However, I'm trading on a very short-term basis and keeping stops tight.  One name I'm watching closely here is Yandex (YNDX), the Russian Google (GOOG), which has been basing for a week and should attract interest as it approaches $24. 

With the small-caps steadily sinking so far this morning, I'm not in any big rush to buy.

_______

More from James "Rev Shark" DePorre:

Columnist Conversations

Kass:
Big win on short side today with F and GM on the lower Ford guidance. My short theme continues to be "Peak Aut...
The 16th annual Geneva Report, Deleveraging, What Deleveraging? is available below. http://www.voxeu.org/cont...
$66 following the print...great rec last week into earnings and earlier posts in the $50s.
Equities start out the trading week on a down note as Hong Kong comes out of the blue to be added to the grab ...

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.