Bears Keep Focus on Apple

 | Mar 19, 2012 | 11:49 AM EDT  | Comments
  • Comment
  • Print Print
  • Print
Stock quotes in this article:

aapl

,

end

,

anw

,

egy

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.

_______

Editor's Links

More from James "Rev Shark" DePorre:

Columnist Conversations

GS has cleared the important hurdle on the way up which increases the odds for an eventual rally towards the 1...
A good quarterly report has sent shares of Calamos Asset Management (CLMS) sharply higher. CLMS was up about ...
Electronics distributor Ingram Micro (IM) reported better than 16% growth in its Q3 sending the stock up about...
Market posting decent day considering Ebola getting headlines again. Believe investors have learned not to pa...

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.