It is Monday morning and things started slowly, but the buyers are out there. It feels like there still is some Fear of Missing Out (FOMO).
Breadth is solid with around 4,100 gainers to 2,900 decliners, and there are over 270 names hitting new 12-month highs. Banks are the standout name today as the strong GDP news from last week helps to improve the yield curve for lenders.
FAANG names are mixed, but small-caps are exhibiting very good relative strength for the second day in a row and are currently at a new closing high for the year. The group had been the laggard, but it has improved nicely as market players are willing to take on higher levels of risk.
I've been doing a few small trades, but my aggressiveness is limited. Some names on my radar this morning include Bloom Energy Corp. (BE) , which had a plug in Barron's, Rubicon Project, Inc., (RUBI) which I mentioned in my Stock of the Week comments, and Sea Ltd. (SE) which broke out nicely on Friday and has gained momentum.
The price action continues to be quite favorable, but I'm finding it harder to locate sustained momentum.
I am leaning more toward protecting recent gains rather than looking for new buys, but I see no reason yet to be overtly bearish.
There are plenty of stocks still acting very well and that is what matters more than anything else.