Looking for Bounce Plays

 | Nov 09, 2012 | 10:38 AM EST  | Comments
  • Comment
  • Print Print
  • Print
Stock quotes in this article:

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.

Columnist Conversations

To quote CSNY, those Quants/HFT and price momentum strategies "make it hard!" https://www.youtube.com/watch?v=...
Price action over the last two months in Weyerhaeuser(WY) shares has been bounded by channel lines and key mov...
From Chicago PMI release: "While part of this decline may be attributable to the cold weather snap and strike ...
Stocks don't like hawkish comments and until the we can get past them every hawkish Fed announcement will be g...

BEST IDEAS

REAL MONEY'S BEST IDEAS

Columnist Tweets

BROKERAGE PARTNERS

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.