A Few Names on my Radar on This Softness

 | Feb 17, 2017 | 11:57 AM EST
  • Comment
  • Print Print
  • Print
Stock quotes in this article:

anet

,

cgnx

,

khc

,

ul

,

goro

,

oclr

,

fnsr

,

crbp

Momentum has slowed for the second day in a row, but the tendency has been some late buying that produces a strong close. With overseas markets operating on Monday when the U.S. is closed, there may be a little reluctance to add new inventory. But in this market, you can never count out the buyers.

Intraday action is soft, with breadth moving toward 2 to 1 negative. But what is most interesting is that the number of new 12-month highs has fallen sharply to around 200. It had hit over 1,000 about a week ago, and has held up well, but today we don't have any notable sector strength.

The list of leaders is a mixed bag -- with a few technology names, like Arista Networks (ANET) and Cognex (CGNX) leading, along with Action Alerts PLUS holding Kraft Heinz (KHC) and Unilever (UL)  -- on the takeover news. Biotechnology, financials, oil and most other key sectors are down. Precious metals are showing a little relative strength, and I'm adding Gold Resources (GORO) as it develops.

I've been rooting for some softness in individual names, and we are finally seeing some. But it is premature to look for entry points. I have a few things of interest today -- such as Oclaro (OCLR) , which should benefit from Finisar's  (FNSR) loss of business. I also like the chart developing in Corbus Pharmaceuticals (CRBP) , and have started a position.

The indices look like they are going to test intraday lows, which is something we haven't seen at this point in the day for a very long time. There has not been a close at the lows this year -- other than one very minor day. The programs are set up for the late buying, so it will be instructive to see if they take a break today.

Columnist Conversations

we have a nice winner here, we'll take it off the table. SOLD STZ AUG 185 CALL AT 12.75 (in at 6.10) ...
Good morning. Futures are flat this morning, and the banks are up after the Fed approved everyone's capital pl...
This week's AAII Bears are the lowest since late December/early January when they were 25.2% (current reading ...
GLW is up over 1.75% as we head into the final hour. The stock closed last week at new 2017 highs and is pushi...

BEST IDEAS

REAL MONEY'S BEST IDEAS

News Breaks

Powered by

BROKERAGE PARTNERS

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data provided by Interactive Data. Company fundamental data provided by Morningstar. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by Interactive Data Managed Solutions.


TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

IDC calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.