If it is going to get one, this seem like a spot for it to happen. The trend is clearly lower, if you buy it is VERY HIGH RISK. There is NO EVIDENCE of a bottoming process. This IS NOT a suggestion to buy, the markets are still vulnerable below the declining daily VWAPs.

Impressive bounce off that 1260 level on the S&P. Like a magnet the market bounced to S&P 1275…. (thanks PPT) and away we go to 1280s. Reader Shax is happy and smug somewhere in Asia with his 100% long exposure. I just cannot see a break through that 1260 on the first attempt with all the King’s Horses and all the King’s Men here to socialize the market, all over again. They have charts too and realize how important this level is. It’s going to take repeated attempts I believe, to break through their purchasing power.Frankly at this point we have 2 outcomes (a) crash i.e. a 10% drop in the markets (June) followed by even more rampant selling layered on top or (b) an oversold bounce.I wrote last week I was done for now with Ultrashort Financial (SKF) as …

NotableCalls has a list of solid companies out this morning that have been kicked hard in the gut and could bounce back sooner than later.  The Masters agree with lineup, so let's get to it Bruce. Bounce time? Very little to report today. I generally feel the market is due for a bounce here. I see some hot shot market commentators throwing in the towel this AM, which leads me to believe we are pretty close to a bottom. - PetroBras (NYSE:PBR) is getting positive comments from Deutsche Bank this morning with the firm upping their tgt to $95. The stock is also being added to Morgan Stanley's Model Portfolio. Worth a look. - Research in Motion (NASDAQ:RIMM) is trading down again, now hovering just below $120 level in pre mkt trading. CSFB was out with ...

Fed Chairman Ben Bernanke is trying to support the dollar, making rare statements on Tuesday about how the weak dollar has contributed to inflation, and that the Fed is closely monitoring the dollar. Bernanke went on to repeat his inflation concerns while speaking at Harvard University yesterday, saying that “some indicators of longer-term inflation expectations have risen in recent months, which is a significant concern for the Federal Reserve. We will need to monitor that situation closely." Interestingly enough, his comments come at a time when my models have been forecasting a bounce in the buck, and a short-term correction in gold, oil and other natural resources. So Bernanke’s unconvincing attempt to support the dollar comes as no surprise to me. These moves tend to happen at normal turning points in the market, which proves once again that it’s not the news that drives the markets necessarily, but it’s the ...

Hologic, Inc (HOLX) has had a rough year so far. Shares are down -38% YTD. It’s the classic case of surging revenue and declining profit – in the short term. With a company growing as rapidly as Hologic is, you have to expect major corrections from time to time. During the past five years, Hologic has bounced back from a 25% drop multiple times and come back swinging like Rocky Balboa. HOLX 1 year chart: Hologic is a company that specializes in the ...