The Afternoon Is Paramount

The market has found buyers again today in what has been an interesting morning trade.  The battle lines have been drawn and I spent the entire morning practically sitting on my hands because I wanted to buy more stocks.  I sold out of HOV this morning when it lost a key level for me.  Now it seems the move lower may have been a shakeout and the shares are recovering nicely.  Go figure.  Selling the name for a loss is of no concern to me because it’s on to the next setup (and this market continues to offer plenty).

I really want to see how we close today before allocating capital.  Volume has started to come into a few names I’m stalking so I decided to pick up a ½ position in BBY in case people start pumping this market up while I travel several arctic miles to procure a sandwich.

I like how Fly’s generator pick GNRC is setting up today and it had a curious bit of buying intra-day that has me considering purchasing some shares.  The S&P is still coming to terms with 1500 and I’m hoping to see us stick within a +/- five handle range of this level.  This could allow individual stocks to perform well.  Overall, it has been a healthy auction today.

Facebook was a sale this morning.  Now it’s a matter of perception.  The volume on this methodical move today suggests strong accumulation.  I’m expecting big things from this stock in Q2 and getting my position size back up will be tricky.

Cree continues the comeback.  (Good) tech is working.  My goodness, look at MLNX.  I gave up on the name and now it’s finally catching a bid.  AMZN is run by communists.  ZNGA only dumped lower for two days instead of its usual five.  These are my brief talking points.