My primary broker is down this morning, so I'm flying blind without my full slate of data. It doesn't matter too much as the market is doing essentially what you'd expect after a day like yesterday. The action is flat and breadth is even as consolidation takes place.
Financials and the FANG names are leading, with Facebook (FB) , Alphabet (GOOGL) and Apple (AAPL) in the green. Banks are still running, with Bank of America (BAC) and Citigroup (C) pushing higher as they like the prospect of higher rates after comments this morning by European Central Bank President Mario Draghi. (BAC, AAPL, FB and GOOGL are all part of the Action Alerts PLUS portfolio of stocks.)
The main group I'm watching for new buys is semiconductors. Advanced Micro Devices (AMD) has been a great example of momentum since its breakout in mid-November. Another name I've discussed in the past is Oclaro (OCLR) , which is receiving some sympathy buying after Ciena (CIEN) traded up on earnings. Lumentum Holdings (LITE) is another in that sector with an intriguing chart.
Oil, steel and biotech are losing momentum, but it's the big-cap FANG names that are holding things up. Those stocks offer much greater liquidity and that is where underinvested bulls tend to park cash when they have missed out on a move.
My Stock of the Week, Netflix (NFLX) , has been a good example. It is back to recent highs and looks to be setting up for a potential run at November highs should the overall market remain favorable.
Hopefully, Charles Schwab will fix its technical issues soon, but at least the action is sedate and that is what we need at this point.