No Leadership Ahead of Trump News Conference

 | Jan 11, 2017 | 10:48 AM EST
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Stock quotes in this article:

urre

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ccj

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ura

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hdsn

Market players are doing some jostling this morning as they position for a reaction to the Donald Trump news conference, which is scheduled to begin at 11 a.m. ET. We have minor moves in the indices, slightly negative breadth and no real leadership.

The only real sector strength is in uranium. There are only a few stocks in the sector, but they are very strong. Take a look at Uranium Resources (URRE) , Cameco (CCJ) and Global X Uranium EFT (URA) .

The most notable shift today is that the pockets of speculative action have disappeared. After chasing a bunch of junk biotechnology names, traders have back off. I only have five stocks with moves of 10% or more today, which is a big drop.

Another development is that the FANG names are weak again. They have been leaders in 2017, but they are losing momentum now. A bounce in oil is helping to offset some of the weakness, but precious metals have reversed to the downside.

Strong markets tend to have good leadership and themes. I'm not seeing anything that is standing out at present. We've had constant rotation lately and we need something other than a minor group such as uranium to show some resolve.

The Trump press conference is coming up shortly and we'll see what sort of reaction we get. The bears are looking for a "sell the news" reaction, but the bulls think that may be too obvious and will lead to a squeeze. I'll be watching the price action, but I have to admit I'm rooting for the bears a bit so we'll get some better setups on a pullback.

I added to a position in Hudson Technologies (HDSN) this morning but continue to hold a high level of cash.

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