The pattern of inconsistent action continues. The Nasdaq 100 ETF (QQQ) names were initially weak despite the good earnings news from Oracle (ORCL) , but now it's the small-caps that are weakening. Breadth is still positive with about 3,400 gainers to 2,800 decliners but there are only about 120 new 12-month highs and 70 new 12-month lows.
The biotechnology rampage has cooled off, but solar stocks are still running. There are small bounces in oils and retail and the FAANG names are coming back after some early weakness.
Unfortunately, most of the movement is minor. The indices are almost dead flat and if you are looking for volatility to trade, there isn't much. Many market players keep waiting for this market to make a big move for some reason, and it just doesn't happen. It isn't hard to develop a thesis for increased volatility, but trying to time when it will occur is nearly impossible.
I'm keeping an eye on BlackBerry (BBRY) in front of its earnings report tomorrow morning. The company is supposed to post breakeven numbers but this is primarily a "story" stock and there is a good chance management will be upbeat about the future in its automobile-related endeavors. I'm holding some and am not too worried about the earnings risk in this case.
Sangamo Therapeutics (SGMO) has been on my watch list recently and is breaking to new highs after shrugging off a spot secondary price at $7. That bodes well for further upside down the road.