Staying Prepared

 | Mar 20, 2012 | 2:03 PM EDT  | Comments
  • Comment
  • Print Print
  • Print
Stock quotes in this article:

velt

,

snts

,

EPAM

,

kors

,

invn

,

vvus

The one thing this market has needed recently is rest. The short-termers need an excuse to sell, the folks who don't like to chase need an opportunity to buy and the charts need time to consolidate.

So far in 2012, the markets have immediately regrouped and gone right back up after a brief flurry of selling, which encourages aggressive dip-buying. We are seeing signs of that today as the market bounced sharply a number of times as traders rushed in when the uptick started. They aren't gaining any further traction, and the big danger is that they will find themselves trapped, which adds selling pressure if we retest the lows again.

I'm going to refine my buy list and prioritize the names I'm pursuing as charts develop. For example, Velti (VELT), which I mentioned a while ago, is high on my list. I want to see that consolidate the recent gain on declining volume and then slowly build that up, depending on the market action.

Others on my list include Santarus (SNTS), EPAM Systems (EPAM), Michael Kors (KORS), InvenSense (INVN) and VIVUS (VVUS).  All of them would be attractive on lower-volume pullbacks, but this market has not produced much opportunity in that way.

_______

Editor's Links

More from James "Rev Shark" DePorre:

Columnist Conversations

WMT held in very well during the 'Brexit' selling wave (https://www.thestreet.com/story/13619676/1/walmart-ign...
The VIX has been hammered here, and we want to pick up some volatility BOUGHT VXX JULY 13 CALL AT 1.23
The S&P continues to clear key upside hurdles after holding the symmetry support at the lows.  Here is on...
Market adding to gains and threatening to make it three days in a row of gains after sharp falls Friday & ...

BEST IDEAS

REAL MONEY'S BEST IDEAS

News Breaks

Powered by

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.