Small-Cap State of Mind

 | Oct 19, 2011 | 10:43 AM EDT
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eght. mrge

It is very slow going this morning. Apple's (AAPL) poor earnings have hurt the mood, but the bears can't get too comfortable with the potential for another "Europe Is Saved!" headline at any moment. Market players don't even question the legitimacy of European rumors before the buy, since the moves are so fast and so big.

We are finding better support about an hour into trading. Breadth is running about 2300 gainers to 2500 decliners and banks are leading once again. Gold, steel, retail and tech are lagging.

I have a few small-caps on my radar, but I'm not doing too much until they show some life.

STAAR Surgical (STAA), a recent stock of the week, is perking up on news about potential product approval in Japan. (WWWW) is finally starting to turn higher out of a long downtrend, Mitek Systems (MITK) continues to act well as it consolidates, and 8x8 Inc. (EGHT) is an old name that is coming back to life. The most interesting thing I see is Merge Healthcare (MRGE), which is testing overhead resistance around $7 and just needs a volume push.

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