Remember the Russell Rebalance

 | Jun 22, 2012 | 10:40 AM EDT  | Comments
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snak

We have a little oversold bounce this morning, but there sure isn't much energy out there. Even the contrarians are worried about the ability of this market to bounce back after the drubbing it suffered yesterday.

We have decent breadth with about 3,500 gainers to 1,500 decliners. Banks are leading while gold and oil lag again. Small biotech continues to be the main trading theme for the hot money, but other than that there are few themes or leadership.

Keep in mind that we have the rebalancing of the Russell funds at the close today and that can create quite a bit of chaos. This year I have not seen big volume increases in the names that are being added. Usually there will start showing up on my scans of stocks with large volume increased, but this year there has hardly been a ripple. I'm not sure why that is the case, but don't be surprised when there is a surge of action at the close today. If you want to see what stocks are being added and deleted you can find it on the Russell site, clicking the Russell 3000 tab.

I have very little going on as far as trading right now. There just isn't much sustained movement, so the only thing you can do is some short-term flipping. I see some technical setups I like, but mostly in thinner stocks that need better market conditions.

One small-cap I'm nibbling at this morning is Inventure Foods (SNAK), which has been basing very nicely for about six weeks and is seeing better volume this morning. I'm keeping it small and stops tight.

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