There are days that call for action and then there are days that call for patience. Today is the latter. The momentum of the last couple of days has fizzled, tomorrow morning we have the December jobs news and overall market action is mixed. Breadth is running solidly red now and the main sector of interest is precious metals.
FANG names and Amazon (AMZN) , in particular, are offsetting weakness in the big retailers, but the biggest challenge for the market lately is sustained leadership. We will experience some rotation, like we had with biotechnology of late, but it isn't sticking for long. We have had a series of different sectors stepping up, which has helped to keep the indices near highs, but there isn't enough strength to start a new leg higher. AMZN is a holding of Growth Seeker.
I've been looking for some new buys and have very little of interest on my radar right now. Precious metals are always a tough chase, and most of the best setups I see are trading quite thin -- such as CyberOptics (CYBE) , TPI Composites (TPIC) and Ultra Clean Holdings (UCTT) .
Too often my tendency is to sacrifice selectivity because of a desire to make some trades. I'm trying to stay more aware of that issue, and don't want to buy just to be doing something. It is easy to throw out a bunch of names, but much harder to find something that is ripe for a fast move. Today, the stars aren't aligning on the charts I'm watching, but I'll keep on looking.