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  1. Home
  2. / Investing
  3. / Technology

Ignore Market Jitters, Let Price Action Be the Guide

Equities are holding up well, despite concerns that good economic news increases the chances of a rate hike.
By JAMES "REV SHARK" DEPORRE
Oct 05, 2016 | 11:11 AM EDT
Stocks quotes in this article: AMZN, NFLX, MOMO, ACIA, SRPT, BEAT

There has been some increased nervousness over the last couple of days about the potential for a rate hike. Better-than-expected ISM Services and Factory Order numbers are causing some additional concerns -- and that is driving down bonds and precious metals, again. Equities continue to hold up extremely well, but some market players are concerned about whether good economic news could be a problem, as it increases the chances of a rate hike.

As always, we have to let the price action be our guide -- and so far the S&P 500 is holding above the lows of the day. Breadth is quite good, at around 4,600 gainers to 1,650 decliners. We also have 150 stocks hitting new, 12-month highs, and the high-beta big-caps --
Growth Seeker holding Amazon (AMZN) , Netflix (NFLX) and so on -- are acting well. Biotechnology is also strong, which tells us that speculative interest is running high.

I haven't done much in early going, other than enjoy the momentum in names like Momo (MOMO) , Acacia Communications (ACIA) and Sarepta Theapeutics (SRPT) .

One name I did add today is an old favorite I've mentioned many times in the last couple of years, BioTelemetry (BEAT) . There is news this morning: Anthem Blue Cross Blue Shield now covers mobile cardiac telemetry (MCT), which greatly benefits BEAT. I'll be looking to add to my position as this stock develops further.

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At the time of publication, Rev Shark was long BEAT, MOMO, ACIA and SRPT, although positions may change at any time.

TAGS: Investing | U.S. Equity | Technology | Telecom Services | Markets | Stocks

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