A Few Bright Spots

 | Oct 03, 2012 | 11:10 AM EDT
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The action is jerky this morning after a better-than-expected ISM services number turned the market up after a quick dip, but I'm not confident in the ability of this market to run.  Already we are seeing selling kick back again and the mighty Apple (AAPL) is losing steam.

On the other hand, there is very interesting speculative trading intraday. I'm playing Sarepta (SRPT) intraday, which had a picture perfect opening-range breakout. Typically, traders will watch a stock for the first hour or so of trading and then look to enter when it takes out the highs. That worked like a charm with SRPT, which flew once it took out the opening price around $32.

Another biotechnology stock that I've mentioned often is Nanosphere (NSPH) and I'm adding to my position this morning. I don't expect it to move like SRPT, but a story about testing for hospital infections is a very good one and I believe this will eventually attract substantial attention.

In addition to the biotechs, I'm nibbling at U.K.-based materials company Luxfer Holdings (LXFR), which debuted today.

I do not like the overall market action, but our job is to be opportunistic and we can do that by focusing on individual stocks of interest. Just stay selective and be disciplined with entries and stops.

If the SPDR S&P 500 (SPY) tests the morning lows, it is going to be yet another confirmation of how the character of this market is becoming more negative.  Stay vigilant.

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