The market action was supposed to pick up after Labor Day, but so far September is looking quite a bit like August. The indices have a positive bias, but aren't moving much, and breadth is still pretty good -- with about 3,800 advancers to 2,450 decliners. There are over 450 stocks making new, 12-month highs as well.
The FANG names aren't quite as energetic as yesterday, but Facebook (FB) is moving well on a Morgan Stanley price target increase to $160.00. Precious metals have also slowed down after a three-day pop, but oil is holding fairly steady and Comstock Resources (CRK) , which I mentioned yesterday, is acting well.
Biotechnology is exhibiting some relative strength this morning, but there aren't many themes at work, today. It is a mish-mash of positive action, as we await the European Central Bank decision tomorrow morning.
According to market technician Ryan Detrick, the S&P 500 has had its tightest trading range in history over the last two months. The total movement on a closing basis during that time has been just 1.77%.
That is a truly amazing statistic to contemplate, for a moment. We have been practically flat, but luckily there has been some good trading in individual stocks. If you have focused on the indices or market timing, it has been completely dead.
A couple of my recent Stocks of the Week are doing well this morning. Airgain (AIRG) posted a presentation with slides on its investor website -- and that is driving the stock. TPI Composites (TPIC) , my wind play, is also perking back up after consolidating recent gains. Fabrinet (FN) and Global Blood Therapeutics (GBT) , which I've highlighted a few times, are moving well today.
Overall, I've cut back my inventory a bit lately and haven't found as many new aggressive buys as I'd like, but this market action is still quite good. Until there is a change in the character of this action, it pays to be bullish.
Please note that due to factors including low market capitalization and/or insufficient public float, we consider AIRG and CRK to be a small-cap stock. You should be aware that such stocks are subject to more risk than stocks of larger companies, including greater volatility, lower liquidity and less publicly available information, and that postings such as this one can have an effect on their stock prices.