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  1. Home
  2. / Markets

Just Another Non-Manic Market Monday

Bulls can't build on Friday's strength.
By JAMES "REV SHARK" DEPORRE
Jul 10, 2017 | 04:27 PM EDT
Stocks quotes in this article: QQQ, NVDA, AMZN, MRAM, MOMO, WUBA

The bulls made a decent effort to build on Friday's strength, but there were still a number of problems with the action. Small-caps faded after and a sell program at the close took the S&P 500 and Nasdaq 100 ETF (QQQ) off their highs. Breadth was mediocre with about 3,500 gainers to 3,250 decliners, and under the surface, retailers acted like they are going out of business.

Over the past month, the biggest problem for the market has been the inability to string together positive days. Things will look good on a day like Friday after the jobs news, but bulls just haven't been able to build much momentum. Buyers have lost their appetite for chasing. There doesn't seem to be much fear of being left behind.

There is some decent action in individual stocks. Names that stand out today include Nvidia (NVDA) , Amazon (AMZN) , Everspin (MRAM) , Momo (MOMO) and 58.com (WUBA) . There isn't much standout momentum, but there are some individual picks working if you stay selective.

If the pattern holds, this bounce will fizzle out soon. However, that doesn't mean you should be aggressively negative as the bears are having an even harder time stringing together some successful days.

Technically, the market is in a choppy trading range. Earnings season will likely be the catalyst for the resolution off that range. Right now the price action suggests market players are cautiously optimistic about how things will develop.

Have a good evening. I'll see you tomorrow.

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Where: Bar San Miguel, 307 Smith St., Brooklyn, N.Y.

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At the time of publication, Rev Shark was long MRAM, although positions may change at any time.

TAGS: Investing | U.S. Equity | Markets | Stocks

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