It is a little choppy out there this morning but overall market action continues to be quite positive. Breadth is running around 4200 gainers to 3000 decliners, but momentum is subdued with just 150 stocks at new 12-month highs and the list of 10% intraday movers quite short. The FATMAAN names are mixed and there aren't any really strong themes right now.
I've been yammering about for quite a while, stock picking, especially in small caps has been quite strong for a while and as a consequence, I've accumulated quite a few positions. Many of them are just 'trackers', aren't sizable, but I have enough of them to be a distraction so I'm doing some weeding out as well as locking in some gains.
Overall market action continues to be quite good but when the market doesn't reset, I find it helpful to do so myself so that I can focus more on a smaller group of stocks that are likely to move quickly.
I continue to be impressed by how this market refuses to embrace negative narratives but that can change fast and I'm watching for a shift in market character. If early lows are breached we will likely see selling pick up.
One buy I added this morning is OPKO Health (OPK) which is a leading Covid-19 test provider. The stock is developing well technically as the story is embraced and I'll be looking for additional add points.
I'm tightening things up, cutting some deadwood, and trying to be a bit leaner and meaner. Price action is still bullish but navigating the market is more challenging.
