A Little Bounce

 | Nov 15, 2012 | 3:26 PM EST  | Comments
  • Comment
  • Print Print
  • Print

It took a while but we finally had a little bounce action this afternoon. Ben Bernanke's speech seems to be the excuse the buyers used to be a bit more aggressive. Apple (AAPL) is still lagging but if that can make it into positive territory, it is going to suck more buyers in. What we really need to move is fear of being left out of the bounce. Once we hold in the green, for a while the chances of that emotion start to build.

I'm playing this bounce primarily with ProShares Ultra S&P 500 (SSO) since I just don't see many individual stocks set up for sustained moves at this point. I'm not trusting that the bottom is in but we definitely could see a bounce that knocks the complacency out of the bears.

I'll be looking to add to my SSO position at the day's high and on a strong finish.  One of the markets big problems lately has been weak finishes, and if we can overcome that I believe we'll see a little more upside in the near term.

Columnist Conversations

Lang:
The first day of October brings us something a bit different, the worry seems to be less in the short term and...
Stocks are off to a rocky start to begin the fourth quarter as we have losses across the indices approaching t...
Don't know what the disparity of the two was when I bought GDX a year ago at $24.30. It looked like death warm...
TRUE is a name I have been stalking for some time now and I believe we are seeing a great entry here. The stoc...

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.