The stock market is fierce right now. Many on Wall Street are talking about how they’ve never seen a ride like this. Even the pros are having a tough time. But, is there money to be made?

I’ve been following Hovnanian Enterprises (Symbol: HOV) for some time and it’s been a trading bonanza of late. Just today, the stock dropped to $10.83 and then rose to a close of $12.57.

In after-hours trading, HOV dropped 7% to $11.68. Tomorrow could be another good day to trade this stock.

Just think, not too long ago Hovnanian was at $38.66. Like most homebuilders, it’s been hammered.

As you’ve seen from the above after-hours number, I wouldn’t own HOV after the close. But, it’s been a good intraday trade.

I wouldn’t play for big gains here. Anything more than a $1 gain is really pushing the envelope. Today, HOV dipped to $10.83 and then climbed to $13.50 just about two hours later.

And one hour after that, it was down almost $1.50 per share. It then spent the last hour rising about $0.50 per share.

Look at today’s pinball action in Hovnanian. It’s fantastic. I expect to see a bounce tomorrow—from the $11.68 price.

In a market like this, I think it’s best to really focus on a small handful of stocks and see if you can spot patterns. This is one time where I dial down the risk by waiting for more optimal conditions.

For instance, I might think that a stock has bounce potential at $11. But, I might know its bottom is $10. Whereas before I’d look to get in at $11 and play the bounce, today, I pass up “opportunities” and look for “safer” entry points.