The flippers are hitting this open pretty hard, especially in small-cap land, but breadth is still solid and the bulls haven't given up yet. I suspect there is some dip-buying interest out there, but they are waiting to see if the market will find some early support.
While there is plenty of green on the screens, there aren't any notable themes creating momentum. All major sectors are up, with biotech, banks and steel leading. The relative weakness in small-caps confirms that there isn't much speculative interest out there. Stocks are holding, but the movement has been quite random, and it hasn't been lending itself to overt aggression.
I'm continuing to trade stocks I've mentioned lately, such as Fusion-io (FIO), InvenSense (INVN), Clean Energy Fuels (CLNE), Cyanotech (CYAN) and so on. However, I'm trading on a very short-term basis and keeping stops tight. One name I'm watching closely here is Yandex (YNDX), the Russian Google (GOOG), which has been basing for a week and should attract interest as it approaches $24.
With the small-caps steadily sinking so far this morning, I'm not in any big rush to buy.
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