The market lost most of its gains overnight and opened slightly in the red, but the buyers gave it a second try and we have some decent bounce action in the early going.
Hillary fans believe the strength is due to a good showing by their candidate, but a bounce in Deutsche Bank (DB) from early lows may also be helping.
Breadth is a little disappointing at under 2 to 1 positive, but its strength in the FANG names -- - Action Alerts PLUS holding Facebook (FB) , Growth Seeker name Amazon.com (AMZN) , Netflix (NFLX) and Alphabet (GOOGL) -- biotechnology and China-related stocks that is the main driver so far. There is some speculative interest that is helping individual stocks.
We have some sizable swings within a trading range lately, with both bulls and bears looking for a potential breakout.
This pattern of long trading ranges and then a break that gains no momentum has been ongoing since mid-July. Overall, the pattern of the S&P 500 has a slightly bearish bias, but that tends to change quickly.
My Stock of the Week, Weibo (WB) , is doing what a good Stock of the Week is supposed to do: it is making a strong move higher on good volume. I added some this morning and will add further on a good finish.
A few other my recent favorites are doing well also. Energy Recovery (ERII) is pushing higher on a good target increase. Trillium (TRIL) is thin, but active again. TPI Composites (TPIC) is still one of my top names and is bouncing back after a dip yesterday.
The early spike is losing some of its steam as I write and I want to see how things act as the day progresses.
Don't forget that the end of the quarter is approaching and that may impact some of the action in individual names.