• Subscribe
  • Log In
  • Home
  • Daily Diary
  • Asset Class
    • U.S. Equity
    • Fixed Income
    • Global Equity
    • Commodities
    • Currencies
  • Sector
    • Basic Materials
    • Consumer Discretionary
    • Consumer Staples
    • Energy
    • Financial Services
    • Healthcare
    • Industrials
    • Real Estate
    • Technology
    • Telecom Services
    • Transportation
    • Utilities
  • Latest
    • Articles
    • Video
    • Columnist Conversations
    • Best Ideas
    • Stock of the Day
  • Street Notes
  • Authors
    • Bruce Kamich
    • Doug Kass
    • Jim "Rev Shark" DePorre
    • Helene Meisler
    • Jonathan Heller
    • - See All -
  • Options
  • RMPIA
  • Switch Product
    • Action Alerts PLUS
    • Quant Ratings
    • Real Money
    • Real Money Pro
    • Retirement
    • Stocks Under $10
    • TheStreet
    • Top Stocks
    • Trifecta Stocks
  1. Home
  2. / Investing
  3. / Healthcare

Shark Bites: Market Action Has Slowed to a Crawl

But there is still some decent stock picking to be had.
By JAMES "REV SHARK" DEPORRE
Dec 22, 2016 | 11:21 AM EST
Stocks quotes in this article: HIIQ, FNSR, WDC, NFLX, TWM, OCLR

The trading action slowed sharply yesterday and it's dragging again today. Ryan Detrick of LPL Financial noted that the DJIA's trading range of 0.22% on Wednesday was the fourth-smallest range since 2007.

In other words, the market isn't selling off but it doesn't have any momentum either. The excitement over Dow 20,000 has cooled, but I believe we are likely to take it out before we see any major downside. Maybe the breakout and failure pattern is a bit too obvious, but at this time of year there is a tendency for some surprise selling. We usually have at least one day of aggressive selling into the end of the year and it makes sense that a failed breakout over 20,000 would trigger it.

Breadth is running about 2-to-3 negative and we have fewer than 150 new 12-month highs so far. Although it is tepid action and the indices aren't doing much, some decent stock picking is still working.

Yesterday I mentioned Health Innovations (HIIQ) again and that is now breaking out over the $15 level. The stock has made a 12% move in two days, which is what traders are looking for. My Stock of the Week, Oclaro (OCLR) is also chugging along and attacking the key $10 level and is up over 8% for the week.

Another optical stock I've mentioned recently is Finisar (FNSR) . That seems to have found support and is trying to turn up. On the big-cap list Western Digital (WDC) is back on track and Netflix (NFLX) is resting.

I have to admit I'm fighting an inclination to be a more aggressive seller. It has been a good run and it is tempting to book gains to ensure that accounts remain at highs, but until the stocks I'm holding actually do something wrong, it is better to be patient.

I did nibble a little UltraShort Russell 2000 ETF (TWM) just to put it on the screen, but I'm not going to do much with it at this point.

Get an email alert each time I write an article for Real Money. Click the "+Follow" next to my byline to this article.

At the time of publication, Rev Shark was long HIIQ, OCLR, FNSR, WDC, NFLX and TWM, although positions may change at any time.

TAGS: Investing | U.S. Equity | Healthcare | Consumer Discretionary | Telecom Services | Entertainment | Markets | Stocks

More from Healthcare

Boston Scientific Could Be Wicked Good in This Kind of Market

Brad Ginesin
May 24, 2022 2:13 PM EDT

Here's why this healthcare stock is a potential port in the storm for investors.

2 Biotech Stocks to Own as M&A Potentially Gathers Steam

Bret Jensen
May 11, 2022 11:35 AM EDT

I like these names as stand-alone entities but they should also attract interest from larger players.

China Faces 'Tsunami' of Covid Infection That Could Swamp the System

Alex Frew McMillan
May 11, 2022 9:00 AM EDT

A new study suggests 1.55 million people could die if China abandons zero-Covid, with the intensive-care system needing 15.6 times existing capacity.

I'm Giving Dynavax Another Shot -- a Booster Shot

Bret Jensen
May 8, 2022 7:31 AM EDT

Despite an earnings miss, DVAX show promise in several vaccine fronts and I'm doubling down on the name.

In This Environment, I'd Be More Risk Averse With Intuitive Surgical

Stephen Guilfoyle
Apr 25, 2022 10:50 AM EDT

The firm has been hurt and continues to be hurt by the effects of the pandemic.

Real Money's message boards are strictly for the open exchange of investment ideas among registered users. Any discussions or subjects off that topic or that do not promote this goal will be removed at the discretion of the site's moderators. Abusive, insensitive or threatening comments will not be tolerated and will be deleted. Thank you for your cooperation. If you have questions, please contact us here.

Email

CANCEL
SUBMIT

Email sent

Thank you, your email to has been sent successfully.

DONE

Oops!

We're sorry. There was a problem trying to send your email to .
Please contact customer support to let us know.

DONE

Please Join or Log In to Email Our Authors.

Email Real Money's Wall Street Pros for further analysis and insight

Already a Subscriber? Login

Columnist Conversation

  • 10:58 AM EDT JAMES "REV SHARK" DEPORRE

    This Weekend on Real Money

    "The Tremendous Power of the Sell Button"
  • 02:46 PM EDT STEPHEN GUILFOYLE

    We're Shedding Some of This Holding on Strength

    Check out the Stocks Under $10 portfolio here!
  • 11:33 AM EDT PETER TCHIR

    Thoughts Ahead of the Fed Minutes

    Recent economic and earnings issues are convincing...
  • See More

COLUMNIST TWEETS

  • A Twitter List by realmoney
About Privacy Terms of Use

© 1996-2022 TheStreet, Inc., 225 Liberty Street, 27th Floor, New York, NY 10281

Need Help? Contact Customer Service

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data & Company fundamental data provided by FactSet. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by FactSet Digital Solutions Group.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

FactSet calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.

Compare Brokers

Please Join or Log In to manage and receive alerts.

Follow Real Money's Wall Street Pros to receive real-time investing alerts

Already a Subscriber? Login