With many folks still enjoying the Easter break, and much of Europe closed today, it is slow going. The indices faded from their overnight highs, but breadth is slightly positive. The FATMAN names were helping to keep the indices in positive territory, but they have faded and there isn't much going on out there. Just a lot of slow and random movement.
Despite the dull action, a few days of rest have helped some charts develop. My Stock of the Week, Square (SQ) is a good example. It has formed a cup-and-handle pattern and is now taking out recent highs.
Other stocks I've mentioned lately, such as Mitek Systems (MITK), ORBCOMM (ORBC), Alarm.Com Holdings (ALRM) and Integrated Electrical Services (IESC), are also developing well, but it is slow going out there and small-cap bids can disappear fast. My position sizes are small and stops are tight. Right now, it is just too slow to do much.
I'm carrying some ProShares UltraShort S&P500 (SDS) and plenty of cash, but if we keep pressing the day lows I'll be increasing my cash position.