This Market Action Is Once Again Sluggish

 | Jul 13, 2017 | 11:00 AM EDT
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Stock quotes in this article:

QQQ

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lite

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labd

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pixy

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IWM

,

aaoi

The bulls are working to build on yesterday's Yellen-fueled strength but, as I discussed, the pattern recently has been 'one and done.' The bulls have not been able to build on strong action and the bears have been even more inept in the other direction.

The Nasdaq 100 ETF (QQQ) started off strong but there is some weakness now. Breadth is negative, at around 2,900 to 3,250. There are nearly 200 stocks making new 12-month highs as there are some better pockets of momentum. A good example is Applied Optoelectronics (AAOI) , which is driving the optical sector after preannouncing better-than-expected second-quarter numbers. I added to my Stock of the Week in the sector -- Lumentum (LITE) .

The small-caps (IWM) are underperforming again and biotechnology is lagging. FAANG names are mixed and overall momentum is cooling quickly.

I have a biotechnology index short in the form of Direxion Biotech Bear 3X ETF  (LABD) , but as I'm leaving on vacation soon, I'm not trading very aggressively. ShiftPixy (PIXY) , which I mentioned recently, is perking up again on good volume.

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