Abstract: An ice fishing bobber has an elongate cylindrical tube balance member adjustably positioned within a collar and pivotally mounted to the tip of a fishing pole. The bobber may be adjusted for the weight of various lures to balance the assembly in a substantially horizontal posiiton. A rigid hollow cylindrical member receives a centrally threaded fishing line and is attached beneath the balance member. The bobber may be adjusted by moving the tube within the collar and by removing or adding weights to the balance member to permit the use of a variety of lures of different weights with the bobber. Because of the accurate balance attained, a very sensitive bobber is created. A further embodiment of the invention employs two rigid tubes joined by a flexible tube. The first rigid tube is mounted to the tip of a guided fishing pole. A fishing line is threaded through the tubes and a lure attached. A fish pulling downward on the lure will cause the bobber to deflect downward thereby signaling a catch.