Yesterday, the action was all about a huge move in the indices. The indices drove the movement in stocks rather than the other way around. Essentially, stocks all moved in tandem.
The action today is more about individual stock picking. The market players who struggled to keep up with the big move in the indices are now looking for ways to produce some relative performance while the indices consolidate.
Breadth is running about 1,800 gainers to 4,500 decliners, so there are plenty of pullbacks for traders looking for entry points. The dip buyers aren't too interested at this point, but they tend to be an impatient bunch. The best and most logical thing the market can do is rest, but the buyers are too anxious for that to last long.
I have a few trades going, with the biotechnology sector being the primary focus. Sarepta Therapeutics (SRPT) , which I mentioned for bottom-fishing a couple of weeks ago, has been volatile but is moving up again following a couple of good analyst recommendations. Global Blood (GBT) has turned into a momentum monster and I'm still riding that. Calithera Biosciences (CALA) and Cara Therapeutics (CARA) are new buys at SharkInvesting.com that are moving nicely today. SharkBiotechnology.com is starting a new position in Aurinia Pharmaceuticals (AUPH) and Kite Pharmaceuticals (KITE) is of interest after pricing a secondary offering at $75.
In addition, bulk shipper play Star Bulk Carriers (SBLK) has been on our watch list and is breaking out nicely today.
Another name I'm watching this morning is Health Insurance Innovations (HIIQ) . We caught a great run in this one last year and the numbers it reported last night look solid, but it is seeing a negative reaction. I'm keeping an eye on it for a bounce play.
