• Subscribe
  • Log In
  • Home
  • Daily Diary
  • Asset Class
    • U.S. Equity
    • Fixed Income
    • Global Equity
    • Commodities
    • Currencies
  • Sector
    • Basic Materials
    • Consumer Discretionary
    • Consumer Staples
    • Energy
    • Financial Services
    • Healthcare
    • Industrials
    • Real Estate
    • Technology
    • Telecom Services
    • Transportation
    • Utilities
  • Latest
    • Articles
    • Video
    • Columnist Conversations
    • Best Ideas
    • Stock of the Day
  • Street Notes
  • Authors
    • Bruce Kamich
    • Doug Kass
    • Jim "Rev Shark" DePorre
    • Helene Meisler
    • Jonathan Heller
    • - See All -
  • Options
  • RMPIA
  • Switch Product
    • Action Alerts PLUS
    • Quant Ratings
    • Real Money
    • Real Money Pro
    • Retirement
    • Stocks Under $10
    • TheStreet
    • Top Stocks
    • Trifecta Stocks
  1. Home
  2. / Markets

Overall the Market Is in Good Shape

The action started a little slowly this morning but market players shook off early jitters and are doing a nice job of building on yesterday's momentum.
By JAMES "REV SHARK" DEPORRE
Jul 13, 2018 | 01:44 PM EDT
Stocks quotes in this article: NFLX, JPM, ZGNX, I, RUBI, LONE, WTI, VKTX

The action started a little slow this morning but market players shook off early jitters and are doing a nice job of building on yesterday's momentum. Headlines that the DOJ was announcing some indictments triggered sell programs, but the indices quickly bounced back when it become clear that it was 12 Russians being indicted for election interference.

Breadth is running solid with about 4,000 gainers to 2,900 decliners and over 200 new 12-month highs.The FAANG names that led yesterday are not as spunky today with Netflix (NFLX) in particular being a drag but there are still some good pockets of momentum. Banks have bounce back some from early selling pressure but don't look to be gaining any momentum. JPMorgan Chase (JPM) is back to fat after a $2 dip.

A couple names I mentioned yesterday are following through nicely. Biotechnology play Zogenix (ZGNX) is hitting all time highs and satellite spectrum play Intelsat (I) is exhibiting good momentum.

I've added a few small plays such as The Rubicon Project (RUBI) , Lonestar Resources (LONE) and, small oil favorite, W&T Offshore (WTI) . One biotech on my radar that I'm waiting for some strong action in is Viking Therapeutics (VKTX) .

Overall the market is in good shape and there should be some stock picking opportunities into the close. However, it is a summer Friday and that may lead to a little volatility into the close.

From a strategic standpoint I believe that there is a greater likelihood of positive trade news rather than negative and I would be wary of carrying any substantial index shorts at this time. Technical conditions are good and the market doesn't want to buy the negative trade war narrative. I'll be looking for more buys this afternoon.

Get an email alert each time I write an article for Real Money. Click the "+Follow" next to my byline to this article.

At the time of publication, Rev Shark was long ZGNX, I, RUBI, LONE, WTI, VKTX.

Jim Cramer and the AAP team hold a position in JPMorgan Chase for their Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells JPM? Learn more now.

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

More from Markets

How I'm Approaching Stocks and Bonds After the Fed Minutes

Peter Tchir
May 26, 2022 12:19 PM EDT

I see three key takeaways from Wednesday's FOMC release.

The Bounce Is On: Here's What I've Been Buying

James "Rev Shark" DePorre
May 26, 2022 11:28 AM EDT

The big question now is how far can this run?

Is It Time to Put Money to Work?

Guy Ortmann
May 26, 2022 10:15 AM EDT

Two key indexes have come off their previous negative implications.

The Much-Anticipated Bear Market Bounce Is Starting

James "Rev Shark" DePorre
May 26, 2022 7:49 AM EDT

The best indicator of a tradable bounce is when stocks stop going down on bad news.

Fed Minutes, Rate Hike Odds, Economic Decay, Apple Production, Trading Costco

Stephen Guilfoyle
May 26, 2022 7:16 AM EDT

This is a traders' market until it isn't.

Real Money's message boards are strictly for the open exchange of investment ideas among registered users. Any discussions or subjects off that topic or that do not promote this goal will be removed at the discretion of the site's moderators. Abusive, insensitive or threatening comments will not be tolerated and will be deleted. Thank you for your cooperation. If you have questions, please contact us here.

Email

CANCEL
SUBMIT

Email sent

Thank you, your email to has been sent successfully.

DONE

Oops!

We're sorry. There was a problem trying to send your email to .
Please contact customer support to let us know.

DONE

Please Join or Log In to Email Our Authors.

Email Real Money's Wall Street Pros for further analysis and insight

Already a Subscriber? Login

Columnist Conversation

  • 02:46 PM EDT STEPHEN GUILFOYLE

    We're Shedding Some of This Holding on Strength

    Check out the Stocks Under $10 portfolio here!
  • 11:33 AM EDT PETER TCHIR

    Thoughts Ahead of the Fed Minutes

    Recent economic and earnings issues are convincing...
  • 02:24 PM EDT PAUL PRICE

    An Interesting Chart

    I'm betting heavily that stocks will be way up aga...
  • See More

COLUMNIST TWEETS

  • A Twitter List by realmoney
About Privacy Terms of Use

© 1996-2022 TheStreet, Inc., 225 Liberty Street, 27th Floor, New York, NY 10281

Need Help? Contact Customer Service

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data & Company fundamental data provided by FactSet. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by FactSet Digital Solutions Group.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

FactSet calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.

Compare Brokers

Please Join or Log In to manage and receive alerts.

Follow Real Money's Wall Street Pros to receive real-time investing alerts

Already a Subscriber? Login