We have some bumpy action in the early going, and now there are signs of an intraday reversal. Stocks gapped up strongly and attracted some chasers, but they are reversing very quickly as I write.
This is the biggest intraday reversal we have seen since Aug. 8. That reversal led to a couple days of downside momentum, but we have a long way to go for the bears to gain traction, with the indices still in positive territory. The close will be key.
Breadth is still solidly positive and there is a pile of new highs, but the FAANG names are red and they are weighing heavily on the Nasdaq 100 ETF (QQQ) .
Outside of that group, there is still plenty of momentum. On my screens, I am watching Ichor Holding (ICHR) , Nutanix (NTNX) , The Trade Desk (TTD) , Jupai Holdings (JP) and SolarEdge (SEDG) . Phoenix New Media (FENG) is a small-cap that I'm watching closely.
The increased intraday volatility is refreshing to see, as it is an indication that there is some emotion at play, but you have to manage positions carefully. There are landmines like Himax (HIMX) , which can take a toll.
The QQQ is heading for red, and if it stays there, the bears may finally gain some confidence.
Join Jim Cramer, CNBC's Jon Najarian and Other Experts Oct. 28 in New York
Jim Cramer will host CNBC's Jon Najarian, TD Ameritrade's JJ Kinahan, famed analytics expert Marc Chaikin and other market mavens on Oct. 28 in New York City to share successful strategies for active investors.
You can join them as they discuss how smart investors can make the most of options trading, futures contracts, fundamental and quantitative analysis and great ETFs to buy right now. Participants will also get a chance to meet Jim and other panelists and take photos.
When: Saturday, Oct. 28, 8 a.m.-3 p.m.
Where: The Harvard Club of New York, 35 West 44th St., New York, N.Y.
Cost: Special sale price: $150 per person. (Normal price: $250)
Click here for the full conference agenda or to reserve your seat now.