Market players are using the second day of Trump euphoria to do some selling. The opening strength is being sold, as emotions start to cool. Downside leadership is primarily in the FANG names. Growth Seeker holding Amazon (AMZN) , Netflix (NFLX) Action Alerts PLUS holdings Alphabet (GOOGL) and Facebook (FB) are all trading poorly. Ironically, Silicon Valley as a big supporter of Hillary, and you have to wonder if there is a correlation but the likelihood is that they are mainly driven by algos that have their own agenda.
I've been a net seller so far. I was bailed out of some thinner positions in this rally. I am happy to take them off the board and look for reentries as we reset after this big move. Biotechnology, in particular, may be due for a rest after this giant move off the lows.
One name I mentioned a while back that I'm adding to today is Tabula Rasa Healthcare. (TRHC) . It IPO'd at $12, and after a good report last night, I believe it will find support and slowly move higher. Another thin name I added is Health Insurance Innovations (HIIQ) , which is breaking to new highs this morning.
With the election over, I'm looking for things to settle down and give us much better trading in individual stocks. The mood has been overly emotional, and there has been plenty of machine action -- which may need to be unwound now. I have a small index short, in the form of the ProShares UltraShort Russell 2000 (TWM) , and will be trading that as it develops.