It is slow but healthy action, as the indices consolidate recent moves and trade in a tight range. I've been yammering about weak breadth recently, but it is better today, with about 3250 gainers to 2100 decliners. That improvement is mainly a function of small-caps, which are acting better today. Apple Inc (AAPL) is acting well again, but otherwise the FAANG names are not doing much.
We are at a juncture right now where there is nothing to drive a major market shift, so if you want to be active, you have to focus on individual stocks. We have big earnings reports coming form Apple, Tesla, Inc (TSLA) , Facebook, Inc (FB) and Alibaba Group Holding Ltd (BABA) this week, which are going to be the highlights. There also may be some movement on the announcement of tax policy on Thursday, but we can't over-anticipate that event. AAPL and FB are holdings of Action Alerts PLUS.
I'm digging hard for some new picks. I added some Ichor Holdings Ltd (ICHR) and Jupai Holdings Ltd (JP) to the Sharkfolio and continue to hold Alibaba into its report. Old favorite The Trade Desk, Inc (TTD) continues to act well.
Overstock.com, Inc (OSTK) is my bitcoin sympathy play. Bitcoin Investment Trust (GBTC) is rocking today, so the blockchain plays are seeing sympathy. OSTK is overbought, but it seems a bit less risky that the straight bitcoin plays.
The chip sector is active, as Apple dumps Qualcomm Inc (QCOM) and moves to Intel Corp (INTC) . Micron Technology, Inc (MU) in that sector is breaking out nicely today, as well. I'll be watching for opportunities there.