The action in banks, bonds and precious metals suggests that the odds of an interest rate hike are increasing, but so far stocks are unconcerned. In fact, we have quite a few energetic moves in individual stocks today. I show 26 names priced over $3 with a gain of over 9%. In addition, the indices are hovering around intraday highs, and breadth is quite robust.
In my earlier post I mentioned that BioTelemetry (BEAT) had news about insurance coverage for its product that has sent is sharply higher on good volume. I believe that the news is significant and that it supports further upside. The issue is how to build a position.
I've been holding a small position and have made a couple of additional buys so far today. The important thing is to average in slowly. Once the position grows too big you lose flexibility and are more likely to act emotionally rather than strategically. I expect to see some analyst comments show up soon which may help the stock further.
Another name I've been following, Global Blood Therapeutics (GBT) , is being hit today due to a report by a short seller. That is scaring out some folks but may present an opportunity if this attack fails like the prior one did. I'm not adding any right now but am looking for an entry point soon.