The indices aren't doing much today but the underlying action continues to be quite positive. We have active dip buyers, breadth is running positive and there are a large number of stocks make big moves. The star of the show once again is Acacia Communications (ACIA) but other optical stocks like Oclaro (OCLR) and Fabrinet (FN) are doing well also.
I've been saying for a while that this is a market for stock picking, not market timing. There are exceptional good moves if you are selective with your picks.
One stock I picked yesterday was Global Blood Therapeutics (GBT) , a biotechnology name that was a dud as a Stock of the Week a while back, but it's a good example of how tracking a chart and waiting for a setup to develop can work well. What caught my eye on this was that the stock was moving back to its 50-day simple moving average at the same time it was trying to move over secondary pricing at $18.75. Those were the key levels and it paid to anticipate that they would be taken out.