The dip-buyers are a bit slow at jumping on the quick fade of the gap-up open, but they are out there and providing sufficient support to hold us steady.
Apple (AAPL) is more than making up for any weakness, but breadth is in positive territory so far anyway.
The key now is that we hold the intraday low, but we are threatening it as I write. What the bulls really have to be careful of is an attempt to create another late-day squeeze like we had yesterday. That wiped out the bears' profits Tuesday and you can be sure that they will be nervous about it occurring again.
I'm focusing on trading some of the small oil plays and am having good success with the likes of Vaalco Energy (EGY), Toreador Resources (TRGL), Kodiak Oil & Gas (KOG), Magnum Hunter Resources (MHR) and a couple others this morning. I have Cobalt International (CIE) on watch as a shark technical buy this morning and I'm waiting for that to warm up a bit more.
I did a little bottom fishing for the Sharkfolio this morning and added recent IPO EPAM Systems (EPAM). The company provides outsourcing of IT and software development to take advantage of cheaper overseas labor. It has excellent numbers and growth and should stabilize as it pulls back on lighter volume toward its IPO price of $12.
_______
More from James "Rev Shark" DePorre:
