The action today is a good illustration of why the indices have been stuck in a trading range for so long. Despite a good-sized gap-up open and strong breadth, the bulls are incapable of producing any momentum. The major indices are trading lower than where they opened and the number of stocks trading at their intraday highs is quite low. So far this month, the S&P 500 has only managed to close near its intraday highs once.
The small-cap indices continue to be the laggards, but the S&P 500 is still under its 50-day simple moving average and faces substantial overhead resistance at 2160 or so.
What is most challenging on a day like this is that so many stocks fade as the day progresses. I still like the action I'm seeing in Momo (MOMO) , Facebook (FB) , Lantheus (LNTH) and a few others, but it is extremely hard to put additional cash to work. (Facebook is part of TheStreet's Action Alerts PLUS portfolio.)
Although I'm not doing a lot of new buying, I keep looking for potential chart setups. One chart that caught my eye is Hudson Technologies (HDSN) . HDSN provides refrigerant and is a beneficiary of recent environmental efforts to phase down hydrofluorcarbon compounds. The company is expected to increase earnings 66% in 2017 to 48 cents per share and trades with a trailing PE of 30.