The bulls continue to chug away with better than 2 to 1 breadth, but momentum is slowing. There are only about 140 stocks hitting new 12-month highs, as buyers are less inclined to chase. They are still looking for entries, but they just aren't as aggressive as they were a couple weeks ago.
The big issue on the minds of many market players is whether the market can roll over without taking out Dow 20,000 first. That level has some significant psychological impact and it is going to help provide mental support.
I'm finding a few odds and ends to trade and am trying to be more aggressive with position size, but it is not easy. BioCryst Pharmaceuticals (BCRX) is following through very nicely from Friday. Health Insurance Innovations (HIIQ) is back on my radar, as it seems to have found support at the $13 level. Vonage (VG) , which I discussed this weekend, is seeing some interest. I'm inclined, if it can hold the $6.80 level.
A more-volatile name that is on my radar is Impinj (PI) . This company makes the little RFID readers that are used for tracking packages. There is talk that they are being used in the Amazon (AMZN) store prototype that automatically accounts for your purchases as you put them in your basket. (AMZN is a Growth Seeker holding.)
The PI chart is very interesting, with multiple attempts at the $38 level. Should that be taken out, the stock looks good for some sustained momentum. I'm starting a small position and will add.
The euphoria has calmed down, which is a good thing, and now if stocks can consolidate, we will have some better entry points. I always prefer a market that rewards stock picking -- and we are seeing some signs of that while the indices churn a little.
