Boeing Co. (BA) is causing some problems for the Dow Jones Industrial Average again here on Tuesday, but Monday's momentum is continuing on 2-to-1 positive breadth. Strength in Apple Inc. (AAPL) and other FAANG names is helping quite a bit, but there are also pockets of action in gold mining, cannabis, biotechnology, shipping and a few other odds and ends.
Market players seem a bit hesitant to chase, but they are looking for action and buying good chart setups. The focus is more on stock picking than market direction right now, but that can shift quickly if we see any headlines on a China trade deal.
One sector that is looking interesting here on Tuesday is gold. Gold pulled back sharply in the second half of February but has turned back up and is trying to move through its 50-day simple moving average. In particular I like the looks of the Agnico Eagle Mines Ltd. (AEM) chart, which is knocking on the door of resistance at $44. It has a decent base and is set ,up well for a breakout move if gold can stay strong.
The other group that remains interesting is cannabis-related names. One of my recent Stocks of the Week, Pyxus International Inc. (PYX) , has been resting for a couple weeks and is now pushing to a new closing high above $29. I added shares here on Tuesday morning.
Another stock on my radar was also a recent Stock of the Week, HyreCar Inc. (HYRE) , which should remain active as a sympathy play on the coming initial public offerings from Lyft and Uber.
There is some decent stock picking action out there but the potential for some fast moves on trade or Brexit headlines is high.