Unearthing a Theme

 | Mar 27, 2012 | 10:58 AM EDT
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Market players are still chasing Apple (AAPL) higher into the end of the quarter, which is helping the indices a little, but overall action is mixed. Breadth is about even, oil is lagging, and steel, coal and commodities are leading. There are just a lot of stocks that need a rest at this point and market players aren't chasing at the moment.

I'm keeping the focus on individual stock-picking and looking for themes to trade. One group of interest this morning is rare earth, which is active due to better-than-expected results from China's Baotou Steel Rare Earth. Molycorp (MCP), Rare Element Resources (REE) and Avalon Rare Metals (AVL) in the rare earth group are on my radar.

Mitek (MITK) and Velti (VELT), my stock of the week, are in the mobile applications group, which is also of interest. There is a hot initial offering in the group later this week by a company called Millennial Media (MM), which should keep interest high. Mobile advertising and marketing is one of my favorite themes in the near term. VELT should benefit from the MM offering and I'm looking to add to that position.

Once again I'm trying to avoid the market-timing calls that are becoming louder and louder each day. There is good trading to be had and if we stay focused on that, we can rack up good gains and still be in position to move out of the way when the market finally does correct.


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