Why You Must Book Some Gains While You Have Them in This Uncertain Market

 | Apr 16, 2018 | 2:27 PM EDT
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The gap-up open on the Syria bombing was such an obvious move Monday that it is making difficult for the market to gain additional momentum. Breadth is good, with about 4,200 gainers to 2,350 decliners but there are only 75 new 12-month highs on the screen. There is some buying interest, but it is choppy and sloppy.

The primarily problem is that once again there isn't much strong leadership. Even Netflix (NFLX) , with very high expectations for earnings tonight, is trading down.

Another group that is struggling is pharmaceuticals and biotechnology. President Trump is scheduled to speak about drug pricing on April 26 and there are concerns about the ramifications of that issue.

When the market acts better we tend to see some sustained momentum rather than choppy and uncertain action. The list of stocks that are up more than 5% today is short and among those that are they are mainly lower-priced stocks.

While we are starting to see a slightly better tone now that the overnight flippers are out, I am very unimpressed with the movement I'm seeing in individual stocks. There just isn't much acting like it has the capacity to put in a sustained move.

If you do catch some upside the smart move is to take some gains while you have them.

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