We have some all-news-is-good-news action as the weaker-than-expected jobs news is seen as pushing the Fed toward QE3 while the better-than-expected pending home sales numbers are celebrated as an indication of an improving economy.
Some better-than-expected earnings reports aren't hurting the bullish cause either but the mighty Apple (AAPL) isn't participating, which is a little bit of a concern.
While there are quite a few big movers on earnings like Cirrus Logic (CRUS), Chart Industries (GTLS) and Equinix (EQIX), there is also quite a bit of very choppy and random action to keep it challenging. Chasing is not necessarily working in many cases.
I'm playing a few oil and gas names. Flotek Industries (FTK), which is a fracking-related play and a past favorite, is of interest as natural gas shows some signs of bottoming. The company has already preannounced good revenues for the quarter and technically it is trying to come out of a long base. With EPS expected to grow 59% in 2012 and a trailing P/E of just 22, the stock looks like a good value as well.
I still have my doubts about how much further this bounce can go, but I'm going to trade it while I can.
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