We have some reversals of yesterday's action, but so far it is quite mild. The Nasdaq 100 (QQQ) has managed a bounce of 0.3%, while the Financial Select Sector SPDR ETF (XLF) has pullback 1.35%. Biotechnology has also reversed with the group (IBB) showing a gain of 1.2%.
Breadth is running about 3,900 gainers to 2,600 decliners and the list of new 12-month highs is down to 180. The FANG names have some minor bounces with Netflix (NFLX) and Action Alerts PLUS holding Facebook (FB) doing the best.
Overall, it looks like some short covering and positioning squaring after an active week. There is also some concern about the vote in Italy this weekend that is keeping the action surprised. The monthly jobs report helped the mood a bit but is essentially a nonevent with the Fed already fully committed to a rate hike.
As I've mentioned previously, I've cut my exposure substantially over the past week or so -- mainly as a function of not finding technical setups that I favor. I'm feeling pressure to force some trades today, but I'm trying to stay selective.
One group that did catch my eye today is silver miners (SLV) . The sector has been blasted along with gold, but found some support -- and there is a decent bounce building. I've taken small positions in First Majestic Silver (AG) and Pan American Silver (PAAS) and will consider additions into the close.
I'm also looking harder at stocks that have pulled back, like Advanced Micro (AMD) and Health Insurance Innovations (HIIQ) , but I'm in no rush to jump in. We need these pullbacks to set up opportunities into the end of the year.