There are plenty of interesting headlines this morning with the European Central Bank news and plenty of earnings reports, but it has not caused any increase in volatility. We had a gap higher, but the Nasdaq 100 ETF (QQQ) is already in the red and the other indices aren't doing much. Breadth is positive with about 3,900 gainers to 2,200 decliners, but pockets of momentum are very limited.
Twitter Inc. (TWTR) , Constellium NV (CSTM) and Buffalo Wild Wings (BWLD) are the big winners while the biotechnology sector and Celgene Corp. (CELG) are the big losers. The FANG names are mixed ahead of the big reports tonight.
I'm focusing on dips in stocks that posted good earnings news. My top candidate was Sarepta Therapeutics Inc, (SRPT) , which posted very solid numbers but was trading down sharply this morning. It is back up now and I'll be looking to further build my positions.
This market is not acting nearly as well as the folks on television seem to believe. There is very limited upside momentum and not much is running on earnings news. I doubt the sellers are too aggressive in front of earnings tonight, but the QQQ is definitely acting poorly. That is not a good sign.