Bears Keep Focus on Apple

 | Mar 19, 2012 | 11:49 AM EDT
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Apple (AAPL) is holding in positive territory and is helping to keep the indices in positive territory so far, but it is very choppy action out there. Market players are very watchful for a reversal and are hitting the eject buttons at a faster pace when something stalls a little. We still have good underlying support, but there are growing concerns about being caught in a fast reversal.

Once again, the bears are very focused on AAPL and are looking for broader market weakness to finally kick in should the stock reverse and go red. The problem with that thinking is that other groups have been stepping up and today it's the financials that are helping to keep a bid under this market.  Breadth is slightly negative with oil, retail and solar energy lagging.

I've been trading very short term and am keeping stops on trades extremely tight. I don't want to give back any gains at this point and with the market so badly in need of a rest the danger continues to grow.

The best thing the market has going for it at this point is that there continues to be so many folks looking for a top. When it doesn't happen they end up providing some quick support and keep any real damage from occurring.

I've been trading some small, oil-related names like Endeavor International (END), Aegean Marine Petroleum (ANW) and Vaalco Energy (EGY), which is my stock of the week. I'm finding it tough to be aggressive with buys here, but as long as we hold above the early lows the long side is the place to be.


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