The market is off to a feeble start on some weaker than expected economic reports and no progress on the trade war front. Breadth is running 2500-3500 negative and the number of new 12-month lows continue to pile up.
There just isn't any real dip buying interest out there right now. There are plenty of folks that like the idea of buying pullbacks but actually doing it when the market looks so poor is harder to do. Everyone is a buyer of pullbacks when the market is going up but not so much when it's going down.
Nonetheless, bounce opportunities are the name of the game. I've added to my Stock of the Week, Turtle Beach (HEAR) , on weakness this morning and am eyeing Intelsat SA (I) for some entries. Biotech name Sarepta Therapeutics (SRPT) is straight down since some great news and I started nibbling at it.
An interesting name on my radar is National Beverage (FIZZ) . The company reported solid numbers on Thursday but sold on a story in the Wall Street Journal about an SEC inquiry. The inquiry was about some metrics that are not commonly used such as 'velocity per outlet' and the SEC wanted further information. The inquiry was not about the financial statements. An analyst at Susquehanna thinks this is a good opportunity to buy the maker of the popular LaCroix Sparking Water.
The weak bounce attempt by the indices is fading and trading action is lackluster on the long side. It is good time to look for opportunities but it may not be the time yet to act.
