The Fourth of July holiday beckons as the second-quarter comes to an end and trading action slows. The indices are mixed Tuesday, breadth is slightly positive, and there are limited pockets of momentum.
Traders are chasing a few biotechnology names, but there are only a dozen stocks up 10% or more. There is little trading at intraday highs, and the FATMAAN names are not able to build on Monday's strength. The DJIA lagged yesterday, but it is leading Tuesday due to Goldman Sachs (GS) and Home Depot (HD) .
My Stock of the Week, CM Life Sciences (CMLF) , is moving along nicely, but many of my other favorites are drifting due to lack of interest. There isn't any compelling reason to add big positions right now, as trading is going to continue to slow as we approach the long weekend.
Traders are trying to generate some action but are having limited success so far. This is another good example of how quickly the rotational action can shift. The technology and semiconductors that were hot Monday are lagging today.
One sector that is doing well is crypto-related names such as Marathon Digital Holdings (MARA) , Riot Blockchain (RIOT) , Microstrategy (MSTR) , Grayscale Ethereum Trust (ETHE) , and Mogo, inc. (MOGO) .
This trading action isn't very interesting right now, but technically it should help give us some better setups in the next week or so.