The Deutsche Bank relief rally that started on Friday isn't gaining any traction so far today. In fact, breadth is running very poor -- at more than 2 to 1 negative. Small-caps are lagging and biotechnology is seeing profit taking, again. Big-cap names Alphabet (GOOGL) and Apple (AAPL) , both Action Alerts PLUS holdings, are holding down the indices although Tesla (TSLA) and Netflix (NFLX) are showing some spunk.
Although there is a fair amount of red on the screens, it isn't causing any real damage so far. We have disinterest and lethargy rather than pessimism and fear. Quite often, this sort of action brings in some dip buyers -- and if we start seeing new intraday highs then the folks on the sidelines are forced to put cash back to work.
I'm mentioned Aratana Therapeutics (PETX) many times in recent weeks, and it is breaking out nicely this morning. I'd like to see more volume on the move through $10, but this is a pattern that should attract some momentum buyers, if it holds.
It is a rather dreary market, but there are a few bright spots.