The indices are positive with small caps leading and breadth is quite solid with around 4100 gainers to 2400 decliners, but the market continues to lack energy. While there is some positive movement, it has not been sustained which makes trading quite tricky.
The dollar is strong and that is hurting gold and a few other sectors. Financials (XLF) continue to be lackluster but there is some bounce in chips (SMH) . The FAANG names are mixed and oil is down. There just isn't much sector leadership right now.
Lululemon (LULU) is a classic breakout play on a very solid earnings report and that is attracting attention. Also in the clothing sector PVH Corp. (PVH) put up strong numbers and has a slew of target increases. That is not a sector that leads very often but it's a standout today.
One stock on my radar today is Amarin (AMRN) . It has had a very vocal fan club for a while based on its high quality fish oil drug, Vascepa. Yesterday the American Diabetes Association, updated its Standards of Medical Care to include a recommendation for the drug. Analysts are expecting current sales guidance to be exceeded. I sold off the stock into early strength and am now looking to buy some back on weakness.
The market is gaining a little better momentum now that the early strength is holding. We have had two straight days of weakness after a strong open which is causing some distrust.
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