The market is doing a much better job Thursday morning of holding on to gains produced by strong earnings news. That is due in part to anticipation that there will be more good news tonight when a trio of big names release quarterly results. Amazon (AMZN) , Intel (INTC) and Microsoft (MSFT) are reporting after the bell and expectations have come down enough that a "sell the news" reaction is less likely.
Since the indices are holding we are now seeing more buying from the "FOMO" (Fear of Missing Out) buyers. Breadth is around two to one positive and I'm seeing better action in many of the small stocks that have been suffering mostly due to a lack of interest rather than outright selling.
Recently this market has been rewarding buys of sharp dips much more than it has chasing of strength. If you want to find some quick trades the best opportunities have presented themselves in momentum names that are taking sharp hits.
Turtle Beach Corp. (HEAR) is a play on the headphones used in the very popular Fortnite video game. That stock has been on the radar of traders for a while and is seeing another surge of volume today.
I do not believe that this bounce is going to turn into a V-shaped move and I'm looking to re-position into strength but you have to keep on getting while the getting is good.