It probably isn't helping the market that bond traders, government offices and banks are observing Veteran's Day. The opening bounce didn't have much energy and it didn't take long before the indices slipped into the red. The market is back around flat for now with slightly positive breadth, but outside of the biotechnology sector, it is just downright dead.
One of the troubling aspects of this sort of flat action is that it helps to alleviate oversold conditions but it doesn't provide interesting trading action. It is always more entertaining when strong emotions are at work, stretching the market too far and producing a snap-back. Instead, it's a slow drip with just a few stocks of interest. Even the mighty Apple (AAPL) can barely manage to stay green.
The number-one stock on my radar this morning is Sarepta Therapeutics (SRPT), which is finally seeing some bounce and a little squeeze action after a competitive drug was delayed. The shorts have been active on SRPT since its remarkable results in early October, but the stocks has found support lately and is finally turning up. A decent close today should help to resume the momentum.
I'm watching a few other odds-and-ends, like First Solar (FSLR), TripAdvisor (TRIP) and Nam Tai Electronics (NTE), but I see little to do right now. Patience isn't much fun, but there aren't many other choices.
