Biotechs Remain the Best Place For Stock Picking

 | Mar 20, 2017 | 11:25 AM EDT
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It is a very slow Monday morning so far. The indices are in a very tight range and breadth is solidly negative. There is a little dip buying interest that is taking the S&P 500 to intraday highs, but it's the lack of energy that has been plaguing the market recently and it is still a problem this morning.

The one group that continues to offer the best trading opportunities is biotechnology. There is quite a bit of news in the group with names like Esperion Therapeutics (ESPR) , Nektar Therapeutics (NKTR) , CytomX Therapeutics (CTMX) and La Jolla Pharmaceuticals (LJPC) . One of my bigger positions in the group is Aurinia Pharmaceuticals (AUPH) and I like the technical action in Corbus Pharmaceuticals (CRBP) .

Outside of the biotechnology sector, there are a few movers in chip related names. Sharkfolio holding Ultra Clean Holdings (UCTT) is going parabolic and Advanced Micro Devices (AMD) is reacting favorably to analyst comments today.

Big-cap names including Apple (AAPL) and Amazon (AMZN) and NVIDIA (NVDA) are helping the indices, but small-caps are lagging after outperforming on Friday.

If you are a market timer, there simply isn't much to do, but for individual stock pickers there is some select action. This market really needs some swings to create better opportunities, but this flattish action appears to be the new normal.

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volatility is quite low here, and we could see some downsides here in the short term. ...



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