That Wild Market Momentum Has Cooled

 | Dec 12, 2017 | 10:54 AM EST
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Stock quotes in this article:

pti

,

glyc

,

leds

,

sri

,

riot

,

nete

,

eyes

,

gbtc

,

hmny

,

mgt

The pockets of wild momentum have cooled off today but there are still a few movers on the screen. Yesterday I had around 30 stocks moving more than 10%. Today I have eight so far: Proteostasis Therapeutics Inc  (PTI) , GlycoMimetics Inc  (GLYC) , Helios and Matheson Analytics Inc  (HMNY) , SemiLEDS Corp  (LEDS) , Stoneridge Inc  (SRI) , Riot Blockchain Inc  (RIOT) , Net Element Inc  (NETE)   and Second Sight Medical Products Inc  (EYES) .

The big difference today is that just one of them is part of the Bitcoin frenzy -- RIOT. There is still strong action in Bitcoin Investment Trust  (GBTC) and some of the OTC names, like MGT Capital Investments Inc  (MGT)  .

With some of the crazy momentum slowing, traders are looking for other setups to develop, but so far no new major themes are appearing. Strength in financials is helping both the small-caps and the S&P 500. Oil has rolled over after a strong start.

Keep in mind that we have the Fed interest rate announcement tomorrow and some consolidation and even a pullback would be a positive into that news. I'm looking for new buys, but there isn't much in position right now.

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