So far the holiday trading party isn't too exciting. The indices are green and breadth is quite strong with about 4450 gainers to just 1800 losers but the pockets of momentum are limited and the FAANG names aren't participating.
There was some action in small oils until the Saudi's announced they are willing to dip into reserves to help keep prices down, and technology names don't seem to be doing much right now either.
Retail likes the lower oil prices and is bouncing but financials are stagnant again and there continues to be little leadership overall.
There is some bounce in China plays like Alibaba (BABA) , iQIYI (IQ) and Bilibili (BILI) showing some life. Biotechnology is mixed but I continue to like the way Sarepta (SRPT) is developing.
One of my recent favorites is Turtle Beach (HEAR) which makes headphones for gaming. I expect them to report a big quarter later this month.
The important thing today is to not read anything into the action. There tends to be a positive bias on the day in front of the July 4 holiday but there tends to be a negative bias afterwards. It isn't unusual for some late selling to hit as that post-holiday letdown is anticipated.
Overall market conditions are difficult but that shouldn't stop us from looking for some good short term trades.