No Rush for the Exits, but Not Much Conviction, Either

It's tough to have much confidence in this market, but a few things are working.
Stocks quotes in this article: UPST, TPST, POWW

It is mixed and messy out there as traders appear dazed and confused. The Dow Jones Industrial Average is leading to the upside, and the Russell 2000 is leading to the downside, but the other indices are mixed. Breadth is running close to 2 to 1 negative and pockets of momentum are narrow.

The good news is that there doesn't appear to be a rush for the exits, but the bad news is that buyers don't have any strong convictions. There are a few big movers such as Upstart Holdings (UPST) and Tempest Therapeutics (TPST) , but day traders are keeping a finger on the eject button.

My Stock of the Week is Ammo Inc. (POWW) , which has pulled back to support after some good news and is attracting some interest.

This is an odd market right now. Breadth is poor, but the S&P 500 is hitting new highs and the action in the indices creates the impression that this market is better than what it really is. It is tough to have much confidence, but there are a few things working.

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At the time of publication, Rev Shark was long UPST and POWW.

TAGS: Investing | Stocks | Trading | Banking | Biotechnology | Software & Services | Real Money

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