At midday, the indices are hovering at the lows of the day and breadth is sinking to better than 2-to-1 negative. There isn't much energy to the selling, but it is lackluster and feels more like disinterest rather than a shift in sentiment.
There is more political chitchat than stock talk today, but it is one of those days where we are digesting the recent action and waiting for the next to develop. There is no reason to draw any significant conclusions from the action.
The hottest group on my scan is optical. Recent stocks of the week Fabrinet (FN) and Acacia Communications (ACIA) are breaking to new highs and Lumentum Holdings (LITE) , in the same group, is seeing strong interest and Finisar FNSR is developing an interesting pattern.
As far as small-caps that are attracting aggressive traders, my "heater scan" is showing NeoPhotonics (NPTN) , Vuzix (VUZI) , Advanced Micro Devices (AMD) , Biostar Pharmaceuticals (BSPM) and Apigee (APIC) . A couple of these are extended but some of the others may be in position for sustained moves.
We are finally bouncing a bit as I write, but I'm not sure how much of an effort the bulls are going to make.