Small Trades Are Working

 | Jul 23, 2012 | 2:41 PM EDT
  • Comment
  • Print Print
  • Print
Stock quotes in this article:






Although the market is still solidly in the red and breadth is 1,150 gainers to nearly 4,300 losers, the bulls have been battling back steadily. They have AAPL into positive territory and GOOG continues to perform quite well.

Typically, when the market is making new intraday lows an hour or so into trading, the chances of a trend day to the downside are quite high. This time, it turned up after about 45 minutes and it has been making slow and steady gains since then. It is a little misleading because breadth is still so poor, but most issues are well off the lows and some key names are green.

From a big-picture perspective, there really isn't any justification for the market to bounce back quickly. Europe is not likely to see any major improvements overnight and there is a tremendous amount of uncertainty. There is a good chance that some decent earnings news will help out, but it is going to be stock specific and probably won't shift sentiment much. As I said this morning, Apple (AAPL) earnings are probably the most important report of the quarter and I suspect the market may be optimistic about its results.

I'm staying focused on the trades I mentioned in my prior post. I may add to Vringo (VRNG), Complete Genomics (GNOM) and a few others. I'm not very bullish about the overall market, but the small trades are working and that is what I'll focus on.

Columnist Conversations

Foot Locker's (FL) less than expected quarterly earnings set off a round of selling the entire athletic appare...
View Chart »  View in New Window » Gold has met the first upside target off the last setup zon...



News Breaks

Powered by


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.