The market is dancing around to macro news this morning as Greece and economic reports drive the action. So far, the market has been able to shake off the negatives, but the buyers are tentative and not producing much momentum. The mighty Apple (AAPL) continues to trade poorly while Amazon (AMZN) has taken the mantle as the top big-cap momentum name, but the overall issue is that the hot money isn't chasing much.
I've been tracking the Facebook-related (FB) plays closely. Usual among theme plays like this are one or two names that grab the attention of the speculative money and go crazy. There is action in Zynga (ZNGA), Renren (RENN), Groupon (GRPN) and the Firsthand Technology Value Fund (SVVC), but they may be too followed already. One I'm watching closely is Quepasa Corp. (QPSA), which has been referred to as the Latin American Facebook, but that hype hasn't been enough to move it so far.
Overall, this bounce attempt lacks energy, but the longer the market holds in positive territory, the more likely buyers will venture in. There isn't much anxiety about missing a good bounce, and that is keeping things contained.
