The indices have bounced off the lows of the day, but the action continues to be extremely slow and dreary. There just isn't much interest today, and many traders are giving up and finding something more interesting to do. Breadth is around flat and the new highs list is up to about 140 now. Precious metals are still leading, but outside of that there aren't any clear themes.
What we have to watch for now is some sudden moves caused by last-minute allocations, program trading and other end of the year games. There is really no way to predict how those things will manifest themselves, so don't start thinking you have an edge even if you know they are coming.
I'm still digging for some interesting trades and am starting to see a little more of interest. I reentered a position in Hudson Technologies (HDSN) , which we did very well with off the November lows. This is a play on the chemicals used in refrigeration, and the company is expected to post solid numbers in 2017. This is one of my top low-price plays for next year. I'll be listing more of them in an upcoming column.
Another play I added to today is Cemtrex (CETX) . CETX is a contract manufacturer of electronic and monitoring systems. It posted annual earnings for its fiscal year of $0.59, and trades with a trailing P/E of just 10x.
I have very little trust in the indices, but some selective trades should work if the program trades aren't too broadly negative. This is not a very good trading environment at the moment.