There is some interesting volatility this morning as dip buyers stepped up into pre-market weakness and then the algorithms danced around to the ISM numbers. In addition there is some very unusual relative weakness in the FAANG and big cap momentum names.
Breadth is robust with around 4600 gainers to 2400 decliners, but Alphabet (GOOG) , Amazon (AMZN) , Facebook (FB) , and a number of the other 'go to' favorites are underperforming significantly. It is likely just some sort of allocation algorithm, but it adds an extra layer of volatility to already choppy action.
I've been day trading indices with leverage ETFs and not doing much as far as individual stocks right now. One big cap name I'm interested in accumulating as it develops is Twitter (TWTR) , but I don't see any reason to rush right now.
My Stock of the Week is solar energy play Enphase (ENPH) . They are moving almost all their production to Mexico and will suffer if tariffs stay in place but I believe that likelihood is very remote. The company has been able to sell everything they make but have had component shortages.
This action is helping many charts to develop but they will need more time to ripen. It's a good market for scalping but not a good time to be building big position trades.