The upbeat holiday mood continues with a little assistance from a positive consumer sentiment report. Volume is extremely light and breadth is negative, but plenty of stocks are being walked up on lighter volume.
Big-cap names like Google (GOOG), Apple (AAPL), Intuitive Surgical (ISRG), and Priceline (PCLN) are candidates for mark-ups, and there is some interest in small-cap oils. Gold continues to struggle and regional banks are not looking too hot.
We are a bit stretched to the upside on low volume, so the risk of a dip as short-termers do some flipping is quite high. I'm inclined to look for an index short intraday, but I'll play it very tight.
I'm trading some small oils this morning. Magnum Hunter Resources Corp. (MHR), which I mentioned last week, is moving out nicely on positive news. There is a big short position there and I think it may have legs.