Although the market is unconcerned about the tragic events in Nice, France, the technical conditions are supportive of some selling pressure. It is a slow summer Friday and conditions are still overbought, staying stubbornly sticky to the upside while breadth is still running strong.
The SPDR S&P 500 (SPY) is on the verge of taking out yesterday's lows and that may set off sell triggers as well as stops. Traders focused on price action want to see a lower low before becoming more bearish.
As I've commented previously, the setups are extremely difficult. It is much easier to sell rather than to buy. Nonetheless, a couple of my recent "Stock of the Week" picks, Acacia Communications (ACIA) and Yirendai (YRD) , are hitting new all-time highs and other recent names I've mentioned, like BioTelemetry (BEAT) and MeetMe (MEET) , are doing well.
The one buy I have made so far today was Match Group (MTCH) , and I'll watch how it develops from here.
I suspect that things are going to be very slow going this afternoon.
Please note that due to factors including low market capitalization and/or insufficient public float, we consider BEAT and MEET to be small-cap stocks. You should be aware that such stocks are subject to more risk than stocks of larger companies, including greater volatility, lower liquidity and less publicly available information, and that postings such as this one can have an effect on their stock prices.
