Going Bottom-Fishing

 | Sep 02, 2011 | 10:32 AM EDT  | Comments
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We are holding steady after the gap-down open, and I'm looking for a little better bounce as we shake out the panic sellers. On the other hand, if we test the early lows, the sell stops are going to kick in fast. I'm playing with some ProShares Ultra S&P 500 (SSO) and will look at adding at the highs of the day.

Breadth is terrible, with just 500 gainers to 4,600 decliners. The only group in the green is precious metals, and I'm mainly trading some of the miners this morning. A few names on my screen are Jaguar Mining (JAG), Minefinders (MFN) and Alexco Resources (AXU).

I have my bottom-fishing hat on and am watching for entries, but when the market is acting like this, the charts are just plain ugly, and that makes for tough entry points. I did put some VirnetX Holding (VHC) in the Sharkfolio this morning and will be looking for a few other ideas once emotions cool.

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