We have a sloppy start to the new week. Oils and metals are weak, in part due to a stronger dollar, and we aren't seeing follow-through in the semiconductor sector, which was the leader on Friday following the good report from Applied Materials (AMAT) .
Breadth is running quite poor, with only about 1850 gainers to 4300 decliners. New 12-month highs are down to 100 at present. However, some of the recent momentum favorites, Acacia (ACIA) and Twilio (TWLO) are heating up again. I suspect that is a function of hot money traders aggressively chasing action.
Big cap technology names aren't doing much, but Facebook (FB) stands out. It had one of the best earnings report of the quarter and I'm inclined to add to my position. I'll have on FB later on.
The dip buyers are starting to wake up as I write. This has been the pattern lately. We start week, excite the bears a bit and then move to new intraday highs.
Overall, stock picking remains quite good, but it is becoming more challenging as trading thins out and becomes choppier.