Market players are doing a good job of digesting yesterday's strong move. Early weakness was bought and breadth is running just slightly negative. There are over 225 new 12-month highs which illustrates the appetite for continued chasing of strength.
Texas Instruments (TXN) has reversed into positive territory and that is helping the semiconductors to lead to the upside again. The FAANG names are mixed but there continues to be strong momentum in some select big caps like Qualcomm (QCOM) and Disney (DIS) .
Biotechnology is weak again after a one day bounce but it continues to be an interesting sector for some bargain hunting. One name in the group that I'm buying today is Axsome Therapeutics (AXSM) which is testing key overhead resistance at $16 out of a shallow cup pattern.
With a slew of big reports hitting in the next few days I expect to see some good support and plenty of dip buying. I'm looking for more buys and see a few things like 3Pea (TPNL) and Camtek (CAMT) with interesting charts. I'm on the hunt for new buys but staying selective.
Are we seeing low-volume consolidation setting stage for thrust higher or is this stalling action suggesting a rollover? The answer depends on how earnings season develops.
It's possible that disgruntled Symantec shareholders could make the company return to the negotiating table with Broadcom. But if that doesn't happen, there are other targets that Broadcom might pursue.
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