A Choppy Ride

 | Apr 19, 2012 | 10:52 AM EDT  | Comments
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titn

,

fsii

The action this morning is chaotic, with poor economic reports and worries about Europe undermining decent earnings action. It looked like we were going to see squeeze action after shrugging off the higher-than-expected unemployment claims, but housing and the Philly Fed numbers were worse than expected and caused a rush for the exits.

It's stabilizing a bit now, and you can bet that the bulls will be mumbling under their breath about QE3 due to the poor economic reports. The bears' biggest fear has to be that things are so bad that the Fed will start hinting about cranking up the old printing press again. It might be a questionable policy, but that doesn't much matter to the folks who have gorged on endless liquidity for the last few years.

We are already bouncing back and squeezing the poor bears who tried to press their positions after the weak data. The choppiness is making the trading rather tricky, but I'm nibbling here and there.

Two new buys this morning are Titan Machinery (TITN), which had a great quarter but has pulled back into the pricing of a debt offering. FSI International (FSII) also had a very good quarter and received a $7.50 target, but it drifted lower for a few weeks and is now turning back up.

I'm staying small and flexible with a bearish big-picture bias, but selective trading on the long side is working so I'm giving it a go.

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