• Subscribe
  • Log In
  • Home
  • Daily Diary
  • Asset Class
    • U.S. Equity
    • Fixed Income
    • Global Equity
    • Commodities
    • Currencies
  • Sector
    • Basic Materials
    • Consumer Discretionary
    • Consumer Staples
    • Energy
    • Financial Services
    • Healthcare
    • Industrials
    • Real Estate
    • Technology
    • Telecom Services
    • Transportation
    • Utilities
  • Latest
    • Articles
    • Video
    • Columnist Conversations
    • Best Ideas
    • Stock of the Day
  • Street Notes
  • Authors
    • Bruce Kamich
    • Doug Kass
    • Jim "Rev Shark" DePorre
    • Helene Meisler
    • Jonathan Heller
    • - See All -
  • Options
  • RMPIA
  • Switch Product
    • Action Alerts PLUS
    • Quant Ratings
    • Real Money
    • Real Money Pro
    • Retirement
    • Stocks Under $10
    • TheStreet
    • Top Stocks
    • Trifecta Stocks
  1. Home
  2. / Investing

There's No Rush for the Exits So Far

There's lots of negativity, but dip buyers are showing up.
By JAMES "REV SHARK" DEPORRE
Mar 27, 2017 | 11:10 AM EDT
Stocks quotes in this article: TSLA, NFLX, GOOG, GOOGL, SUPN, GBT, AAOI, OCLR

Despite a very poor open and 3-to-1 negative breadth as I write this, there aren't any signs of panic in the market so far this morning. The folks in the business media were quite excited and the bears were doing some high fives early on, but the dip buyers have shown up and there's no rush for the exits so far.

There was no bounce at all when the market sold off last Tuesday, but today's price action is much more positive. There's underlying support and buyers are looking for entries.

Of course, it'll be the close that counts, but the action so far today has been much more typical of what occurred in recent years when we got a dip. It simply didn't create much anxiety. On the contrary, it always seems to embolden many bulls, who have been constantly rewarded whenever they buy on weakness. The bulls have seldom gone wrong when they've jumped in on an opening like this.

We have about 60 stocks making new 12-month highs and about 75 at new 12-month lows. That looks to me like trading-range action rather than a market that's into a significant correction.

Tesla (TSLA) , Netflix (NFLX) and Alphabet (GOOG) , (GOOGL) are all in the green -- which is helping the tone -- and I like some of the momentum action I see. Global Blood (GBT) is still running, while Applied Optoelectronics (AAOI) is hitting new highs. My Stock of the Week is Supernus Pharmaceuticals (SUPN) , and it's breaking out to new highs this morning despite the broad market's weakness.

I've added a little to optical play Oclaro (OCLR) , but overall, I'm not doing much new buying. If our historical pattern of afternoon strength repeats, that will bode well for the longer term. But there are obviously some technical issues out there, so don't too sanguine about this action.

Get an email alert each time I write an article for Real Money. Click the "+Follow" next to my byline to this article.

At the time of publication, RevShark was long GBT, AAOI, SUPN and OCLR, although positions may change at any time.

TAGS: Investing | U.S. Equity | Markets | Stocks

More from Investing

Hopeful Investors Get Scraped by the Bear

James "Rev Shark" DePorre
Jun 28, 2022 4:24 PM EDT

Bulls hoped that a bottom had been found, but they overlooked the reasons behind the rally last week.

Bed Bath & Beyond's Weakness is Likely to Persist

Bruce Kamich
Jun 28, 2022 2:36 PM EDT

The shares have been in the single digits since early May.

Taking Another Look at ON Semiconductor's Charts

Bruce Kamich
Jun 28, 2022 1:43 PM EDT

Here's what to watch for.

Feeling Queasy Over Moderna's Outlook? Investors May Still Get Their Shot

Brad Ginesin
Jun 28, 2022 12:45 PM EDT

With an expected dip for 2023, the pharmaceutical company could see its mRNA technology win big over the long term -- and investors could be rewarded.

Penn National: Should Investors Put Their Chips Down?

Bruce Kamich
Jun 28, 2022 12:13 PM EDT

Let's check out the charts and indicators on this operator of casinos and racetracks.

Real Money's message boards are strictly for the open exchange of investment ideas among registered users. Any discussions or subjects off that topic or that do not promote this goal will be removed at the discretion of the site's moderators. Abusive, insensitive or threatening comments will not be tolerated and will be deleted. Thank you for your cooperation. If you have questions, please contact us here.

Email

CANCEL
SUBMIT

Email sent

Thank you, your email to has been sent successfully.

DONE

Oops!

We're sorry. There was a problem trying to send your email to .
Please contact customer support to let us know.

DONE

Please Join or Log In to Email Our Authors.

Email Real Money's Wall Street Pros for further analysis and insight

Already a Subscriber? Login

Columnist Conversation

  • 11:56 AM EDT STEPHEN GUILFOYLE

    Stocks Under $10

    Check out what's going on in the Stocks Under $10 ...
  • 12:04 AM EDT PAUL PRICE

    Two Good Signs -- Especially for Small-Cap Investors

  • 12:10 AM EDT PAUL PRICE

    More Insider Buying in American Woodmark (AMWD)

    American Woodmark , which I've discussed here fr...
  • See More

COLUMNIST TWEETS

  • A Twitter List by realmoney
About Privacy Terms of Use

© 1996-2022 TheStreet, Inc., 225 Liberty Street, 27th Floor, New York, NY 10281

Need Help? Contact Customer Service

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data & Company fundamental data provided by FactSet. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by FactSet Digital Solutions Group.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

FactSet calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.

Compare Brokers

Please Join or Log In to manage and receive alerts.

Follow Real Money's Wall Street Pros to receive real-time investing alerts

Already a Subscriber? Login