With the talk about the Fed, tax policy and bitcoin slowing down on Thursday, the indices are trading in a much more sedate fashion. The DJIA continues to be the outlier, but the other major indices are close to flat. Breadth is running almost exactly even, and the number of new highs is down to around 170.
The nice thing about this sort of action is that it is easier to focus on stock picking rather than short-term market timing. There are some interesting trade setups developing, and they have a better chance of working if they are not impacted by the buy and sell programs that operate off the news headlines.
One new position today for the Sharkfolio is Twitter (TWTR) . The stock has now broken above the November highs and volume is on track to increase nicely. I suspect the Twitter may be a stock to keep on the radar in 2018 as a potential takeover play. That isn't today's business, but I expect to see such comments in the end-of-year coverage from analysts.
Another stock on my radar today is Noah Holdings (NOAH) , which is a China-based asset manager. The stock needs to make a higher high here to trigger some buy stops.
I'm also looking at Alibaba (BABA) , which is down because retail sales come in a bit lighter than expected. Sales "only" grow 28% versus 31% a year ago in October. I'm looking to start a small position as this develops further.
One of my top bitcoin plays, Overstock (OSTK) , is breaking out to a new closing high, and I'm watching to see if I should add to the position as the momentum builds. Overstock is resting a little, but I don't think that one is finished yet.
This is a day for stock picking rather than market timing, so start digging through those charts for setups.