We had a gap-up open to start the day and breadth has been positive as stocks stay highly correlated.
All major sectors are green as oil, gold and commodities lead. We also have some bounce in retail and banks, but there are few major themes. Until the news headlines have less of an impact, pockets of momentum action are going to be hard to find. We will continue to see movement as a group, and individual stock picking won't matter much.
I'm looking for new buys but haven't seen much that I want to pursue aggressively. One chart I like is Majesco Entertainment (COOL), which is in the mobile gaming group and a sympathy play on the upcoming Zynga initial public offering.
I'm watching some of my other favorites like Mitek (MITK), VirnetX Holding (VHC), Merge Healthcare (MRGE), Cheniere Energy (LNG) and Web.com (WWWW), but I don't see any compelling entry points.
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The Russell 2000 went from outperforming to underperforming on Wednesday; also, let's take a look at gold and bonds.
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