Hoping for Negative Seasonality, but Market's Not Holding Its Breadth

 | Sep 22, 2017 | 12:19 PM EDT
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Historically, the week after option expiration in September is the worst-performing week of the year. That wasn't the case this year, but it may have been a record week for narrow trading. The major indices barely budged intraday, and we had the narrowest trading range ever in the S&P 500 on Tuesday. Even the Fed barely produced a reaction and North Korean bomb threats produce a yawn.

Bears are still hopeful that some negative seasonality may occur, but the small-caps have been holding up well and breadth has stayed positive despite the moribund indices. We have about 3900 gainers to 2600 decliners at the moment, although FANG names -- and Action Alerts PLUS holding Apple (AAPL) in particular -- are struggling.

Nutanix, Inc  (NTNX) , a pick from earlier this week, is moving out nicely on a big target from an analyst. Square, Inc  (SQ) , my stock of the week, has been consolidating after a good move on Monday, and still has good potential. Global Blood Therapeutics, Inc  (GBT) is a longer-term biotechnology holding and is trying to turn up out of a six-month base. I'll be watching for an entry point there.

I'd prefer some negative seasonality to this narrow trading range, but at least there still is some stock picking -- although it is limited.

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