Looking for Bounce Plays

 | Nov 09, 2012 | 10:38 AM EST  | Comments
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aapl

,

ddd

When the market has been pounded for two days, the natural inclination is to look for some sort of bounce to kick in. That is especially so on a Friday, when the shorts may cover as the president is supposed to make an announcement about the fiscal cliff.

We started very slow, but the buyers are inching in a bit more aggressively now. Apple (AAPL) is finally up and that will provide some comfort for those who have been waiting so long for it to find some stability. Breadth is now positive and we have relative strength in biotechnology, steel and chips.

I'm looking harder for some bounce plays, but keeping it firmly in mind that this should not be treated as anything other than a temporary reprieve from a downtrend.

One stock, which has ignored the recent weakness to a great degree, is 3D Systems (DDD). I have that on my radar and am looking to add as that means through the $46 area. My confidence level remains low, but I'll consider some buys later in the day as long as we don't breach the early lows.

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