Stock Picking Is Now Becoming More Challenging

 | Aug 23, 2016 | 10:46 AM EDT
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Stock quotes in this article:

bby

,

dakt

,

momo

,

data

,

acia

,

twlo

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optt

,

quot

,

vg

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tpic

The indices are pushing into new high territory, breadth is running better than 3 to 1 positive and we have over 500 new, 12-month highs on the screens. Despite all the positives, momentum is a bit tepid. We have strength in the FANG names helping to drive the indices, but the really hot pockets of momentum are sparse.

Biggest movers are Best Buy (BBY) , Daktronics  (DAKT) , Momo  (MOMO) and Tableau Software  (DATA) . There isn't as much interest in the Acacia Communications'  (ACIA) and Twilio's  (TWLO) , which were frantically chased for a while.

I'm finding the stock picking more challenging, but I'm still seeing charts of interest -- like Ocean Power Tech (OPTT) and Quotient Technology (QUOT) . There are too many things drifting -- like Vonage (VG)  and TPI Composites (TPIC) .

It is hard to be negative with the indices acting well today, but the sluggishness in some of the individual names has me increasing my vigilance. I gave back a few gains in the last couple of days, and that is always the most important indicator of all. I'm still bullish and looking to buy, but I'm not going to let things slip much.

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