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  1. Home
  2. / Investing
  3. / Technology

Bears Squeezed Again

The strength in technology names other than Apple bodes well for the bulls here.
By JAMES "REV SHARK" DEPORRE
Mar 15, 2012 | 10:45 AM EDT
Stocks quotes in this article: AAPL, EPAM, VELT, ONP, XPO

Apple (AAPL) reversed to red momentarily, breadth is mixed and the Philly Fed report was just in line, but the dip buyers are providing support and the S&P 500 is back to day highs. Once again, the top-calling bears are being squeezed and helping to add to the upside momentum.

There are a lot of folks questioning how healthy the obsession with AAPL is, but trying to time this market based on obsessions is more about hope than logic. Obsessions always last longer than most people think, which is why they are called obsessions.

While breadth is slowly becoming more positive, all major sectors are up.  Retail is the laggard, while steel and chips are leading. The strength in technology names other than AAPL bodes well for the bulls here.

As I wrote in my opening post, I'm doing my best to ignore the top callers and am digging hard for more buys. Epam Systems (EPAM) and Velti (VELT) which I've mentioned recently are doing well and I have my eye on a small China play, Orient Paper (ONP), which put up a good earnings report this morning. XPO Logistics (XPO), which priced a secondary this morning, is of interest and I'll be looking to add there.

_______

Editor's Links

More from James "Rev Shark" DePorre:

  • Pay No Heed to the Top Callers
  • The Market Deserves a Rest
  • Under the Surface, Some Healthy Selling
Get an email alert each time I write an article for Real Money. Click the "+Follow" next to my byline to this article.

At the time of publication, the author was long EPAM, VELT, ONP and XPO, but positions could change at any time.

TAGS: Investing | U.S. Equity | Technology | Stocks

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