The Pockets of Speculative Action Have Dried Up

 | Nov 29, 2016 | 10:47 AM EST
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The market consolidation that began yesterday continues today. The indices are close to flat, but what has changed is that the pockets of speculative action have dried up. On my list of big movers there are only four stocks up over 10%, which is a big shift from what we saw last week.

There are a few small biotechnology names moving, like Nymox (NYMX) and Cara Therapeutics (CARA) but they are not holding up very well for the most part. OPEC is a clown show, and that is killing the oil sector ( (USO) ). Big-cap technology names are mixed, with Action Alerts PLUS charity portfolio name Alphabet (GOOGL) and Netflix (NFLX) leading.

There simply aren't many compelling trades on my screen and I have to fight my inclination to force some action just to stay busy. I've already cut my positions substantially, so I'm primarily just sitting and waiting for new setups to develop. There are times when you simply have to be patient for the market to tell you what the next move is going to be.

My Stock of the Week, Sucampo Pharmaceuticals (SCMP) , closed weak last night, but is finding some interest again this morning. It still is a solid chart with good earnings growth, and I'll be looking for opportunities to add.

I'm not calling a market top, but my individual positions have forced me into a high level of cash. I'm looking for some new buys, but so far see very little of interest.

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