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 .