RealMoney) --We have very choppy action as market players digest the latest news out of Europe. We were a bit extended and ready for profit taking, but we continue to have plenty of under-invested bulls looking to buy dips. Breadth is poor, especially on the NYSE, which is running 770 gainers to 2000 losers. The only sectors in the green are retail and chips, while oil, gold and banks act poorly. On the other hand, we have good action in big-cap momentum names like Priceline ( PCLN), Google ( GOOG), Salesforce.com ( CRM), Intuitive Surgical ( ISRG) and Amazon ( AMZN). International Business Machines ( IBM) is up on the news of Warren Buffett's buy, but I'm surprised it isn't doing better. The action in the big-cap momentum names is probably a function of money managers looking for performance. They are moving into the more liquid, high-beta names, which is an indication that maybe we are finally starting to see more of a focus on stock picking as European issues move to the sidelines. I have a few trades going but nothing aggressive. My stock of the week, Flotek Industries ( FTK), is acting well, and Cheniere Energy ( LNG) is finally bouncing back on rumors. I have a number of names on my shopping list, but many need time to setup better after the jump Thursday and Friday. I'm maintaining a bullish bias, but I'm going to be selective with new entries. At the time of publication, Rev Shark was long FTK and LNG, although positions may change at any time. James "Rev Shark" DePorre is the author of Invest Like a Shark: How a Deaf Guy with No Job and Limited Capital made a Fortune Investing in the Stock Market. He is founder and CEO of Shark Asset Management, an investment management firm, and he also operates
sharkinvesting.com, an interactive online community that serves and educates active investors. DePorre 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.