Volume is slowing and the indices are drifting as market players head out to enjoy the holiday weekend. Breadth is running slightly negative with around 3,100 gainers to 3,600 losers. New 12-month highs are down to around 200. FAANG names -- Facebook (FB) , Amazon (AMZN) , Apple (AAPL) , Netflix (NFLX) and Alphabet (GOOGL) -- are slightly weak and with the crypto/blockchain action there aren't many pockets of momentum right now.
There has been much hoopla over the sharp drop in bitcoin today which has prompted some dramatic headlines, but this has always been a highly volatile group and that works in both directions. The crypto/blockchain frenzy is far from over which means we should have some good opportunities. We just have to wait for them to set up. It is actually a good thing that the market is starting to distinguish between the junk and the stocks that have substance. If you listen to some pundits you would be led to believe they are all blatant frauds.
We'll try to pick up the better blockchain names in the weeks ahead. They have been a very nice distraction lately but I want to focus on some other names that are working well. My Stock of the Week Remark Media (MARK) is acting well today and is at a new closing high currently. This chart setup looks attractive for sustained momentum.
One biotech that is developing quite well is Aimmune Therapeutics (AIMT) . It received a target price of $84 from Baird this week and is working on a breakout attempt over 39.
One group that may be of interest due to end of the year changes is the MLP oil plays. They have likely seen tax selling and are now bouncing back. Tallgrass ( (TEP) and (TEGP) ) are on my radar.
I am heading out to take care of some Christmas preparations and I want to wish everyone a Merry Christmas and Happy Holidays. Hopefully we will have some fun next week as we wrap up the weeks.
As a Christmas gift I'd like to offer you a free copy of a short book I have written called 'RevShark's Essential Guide to Market Success.'
