We have some mild selling into the follow-through action this morning but big cap names like Micron (MU) , Tesla (TSLA) and Alphabet (GOOGL) are keeping the momentum running. The big Kahuna, Apple (AAPL) is breaking to a new high. That name along with Amazon (AMZN) and that doing a lot of heavy lifting.
Under the surface there is some profit taking occurring but it is relatively mild. Breadth is running around 4100 gainers to 2400 decliners and new 12-month highs are up to over 400.
I've been a net seller into this strength but there are quite a few good looking stocks on my screens. Biotechnology is a little weak but names like Sarepta (SRPT) , Sorrento (SRNE) and Cara (CARA) are acting well.
My Stock of the Week, PagSeguro Digital (PAGS) is dipping after a very strong start but prior Stock of the Week, Casa Systems (CASA) is ripping higher again.
As always I'm looking for some new buys so the early reversals are not unwelcome. There is plenty of positive action but the action is a little overheated and we could use some cooling off. I'll be watching for entry points to develop this afternoon.
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EW has had some corrections and pullbacks along the way during this long and strong rally from $80 to nearly $200, but its price target is $240.
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