Action Was Under the Surface in Monday's Market

 | Jul 17, 2017 | 4:38 PM EDT
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With the strong upside push to fresh highs in the second half of last week, the market came into the new week just a skosh stretched to the upside. Earnings reports start rolling in tomorrow, and with little other news to drive the action, it was a dull day for the broader market. The indices finished essentially flat, and the S&P 500's intraday trading range was less than 4 points.

Under the surface, though, traders were perfectly happy to use the lull in the action to hunt around for some action. They didn't stick around in a lot of the early movers, but there were still some solid bars out there, including Quidel (QDEL) , Conn's (CONN) , Fonar (FONR) , and Cohu (COHU) to name a few.

As I was doing my chart work over the weekend, I noticed that there were a decent number of good set-ups, and I shared 8 biotech charts with strong patterns earlier this afternoon. The other thing that is hard to overlook, however, is the fact that there isn't much that doesn't have elevated forward valuations. The phrase "priced to perfection" popped in my head more than once as we head into the meat of earnings season, so we'll see if the same sell-the-news reaction that we saw in the banks on Friday might be a developing theme.

-- Written by Jim Koford

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