A Few Bright Spots

 | Oct 03, 2012 | 11:10 AM EDT  | Comments
  • Comment
  • Print Print
  • Print
Stock quotes in this article:

srpt

,

nsph

,

lxfr

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.

Columnist Conversations

Keep an eye on Wayfair, which recently filed for its IPO. Killing it on pricing in home goods head/head with W...
Is this the biotech revolution or the biotech bust? View Small Cap Biotechs Like Never Before: Transparency is...
HLF is trading $51.05, up 3.2% with IV30™ ripping up 21.5%. The Symbol Summary is included below. Concl...
With just less than an hour til the close of trading the S&P 500 is trading nearly 4 points off of that 2,...

BEST IDEAS

REAL MONEY'S BEST IDEAS

Columnist Tweets

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.