It took them about 20 minutes but the dip buyers are starting to show a little life.
Although we are off the lows, breadth remains quite poor at close to 3 to 1 negatives. Biotechs and drugs are the only groups in positive territory and that is due primarily to AMGN. Metals are taking some hits and chips are pulling back after being turned back at the same place where they have failed a number of times over the past few months.
I've nibbled at a few of my favorites that are dipping on the weakness, such as P.H. Glatfelter (GLT:NYSE) and Synalloy (SYNL:Nasdaq), but I am not making big moves. The dip buyers are looking good once again but they are cruising for a bruising one of these days.
P.S. Will you be there when Cramer makes his next move?
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At the time of publication, De Porre was long GLT and SYNL, although holdings can change at any time.
James "Rev Shark" De Porre is the founder and CEO of Shark Asset Management, an SEC-registered investment advisory firm. He also operates sharkinvesting.com, an interactive online community that serves and educates active investors. De Porre holds business and law degrees from the University of Michigan, is a member of the Michigan Bar Association and a former tax attorney and CPA. He lives in Anna Maria Island, Fla., with his wife and two children.Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Rev Shark appreciates your feedback; click here to send him an email.
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