A sluggish start brings in some dip buyers, but breadth is running negative as the Nasdaq 100 ETF (QQQ) big-caps are leading. Retail and biotechnology are bouncing after lagging yesterday, and oil is holding steady. Banks are down and small-caps are underperforming.
It is another example of choppy and inconsistent action. It isn't bad, but it is not particularly easy to trade. Many market players are just treading water as they look ahead to Janet Yellen's testimony tomorrow and the kickoff of earnings season over the next few weeks.
Some of my recent Stocks of the Week are acting very well. For example, The Trade Desk (TTD) , which I discussed yesterday as a top play into earnings, is doing very well. Health Innovations (HIIQ) , Everspin (MRAM) and Yatra (YTRA) are all trading up nicely.
I'm managing positions carefully and don't trust the upside momentum very much, but there are some opportunities in this mixed action.