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  1. Home
  2. / Investing
  3. / Technology

Shark Bites: In Search of Momentum

Some big-cap names are doing well, but market follow-through is unimpressive.
By JAMES "REV SHARK" DEPORRE
Oct 19, 2016 | 11:55 AM EDT
Stocks quotes in this article: GOOGL, NFLX, FB, AAPL, MIME, EMES, ACIA

The good news today is that the S&P 500 is working on two positive days in a row. It's been about two weeks since that last occurred and it wasn't particularly impressive. The bad news is that today's follow-through isn't very impressive either.

Breadth is fairly solid with about 3,900 gainers to 2,300 decliners and the big-cap technology names such as Alphabet (GOOGL) , Netflix (NFLX) and Facebook (FB) are attracting some interest, but Apple (AAPL) has faded and Intel INTC is a major problem. (Alphabet, Facebook and Apple are part of TheStreet's Action Alerts PLUS portfolio.)

Oil is doing well on inventory numbers and steel names are up for a second day, but biotechnology is struggling again. The biggest challenge for traders is finding new themes that have some momentum.

Today, I've been trading Mimecast (MIME) , which broke to new highs out of a nice base, and Emerge Energy (EMES) still looks good on strong oil.

One name I'm watching more closely is Acacia Communications (ACIA) . This was a huge winner in July and August and I've been waiting for it to form new support after its recent secondary offering, priced at $100.

Last quarter, the big-cap stock that probably had the best earnings report was Facebook. Not only did the company beat but at an accelerated rate. The stock hasn't done a whole lot since then, but the chart is developing well and I'm inclined to build a position into the anticipation in front of its next report, which is due on the afternoon of Nov. 2.

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At the time of publication, Rev Shark was long MIME, EMES and FB, although positions may change at any time.

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

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