The indices are struggling to build on yesterday's strength. Some of the small oils are doing well but weakness in Alibaba (BABA) , Apple (AAPL) and the biotech sector is causing problems. There is much skepticism about the OPEC deal, but the biggest issue is the Fed. Better-than-expected economic reports combined with hawkish Fed members are raising concerns about rate hikes again.
Although breadth is running in the red, the main problem is disinterest. There are many stocks drifting around due to a lack of bids. Amazon AMZN is about the only stock exhibiting momentum.
I'm playing with a couple of small oils -- Pacific Drilling (PACD) and Fairmount Santrol (FMSA) -- but my timeframe is very short. The biotechnology sector has offered the most opportunity lately but it is lagging today on lower volume.
I discussed selling a number of positions yesterday, which looked questionable at the close but feels more comfortable now. The market action isn't terrible and we have a tendency to bounce back from this sort of action, but it sure is slow. I'd like to make a few more buys but there isn't much on my radar.
Please note that due to factors including low market capitalization and/or insufficient public float, we consider PACD 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.