The action started slowly today, but the indices are inching back up and the Dow Jones Industrial Average is in positive territory for the eleventh straight day. While breadth is a little soft with about 2,800 gainers to 3,500 decliners strength in financials is helping small-caps outperform.
Tesla (TSLA) and Apple (AAPL) are pushing the Nasdaq 100 -- PowerShares QQQ Trust (QQQ) -- to even and the FAANG names are lagging. Unlike Monday there aren't as many big pockets of momentum in technology and China-related names. Nvidia (NVDA) and Applied Optoelectronics (AAOI) made a try but both reversed after gapping higher.
The overall tone of the market remains good but the stock picking is difficult. It is necessary to be selective and, while you may want to manage positions carefully, many names require some leeway due to thin and choppy trading.
A few stocks on my radar today include Tabula Rasa Healthcare (TRHC) , MyoKardia (MYOK) , PetIQ (PETQ) and, my stock of the week, Nutanix (NTNX) . I'm also watching Lumentum Holdings (LITE) in front of its earnings tomorrow morning.
I don't feel I can be aggressive with trading size, although there are still things working. The market has issues but the long side remains the right side.