The action is slower today with breadth running 3200 gainers to 3800 decliners but the indices are holding up on strength in Apple (AAPL) , Facebook (FB) , Alphabet (GOOGL) , and some financials (Financial Select Sector SPDR Fund (XLF) . Pockets of speculative trading continue with some of the blockchain plays jumping and some strong moves on earnings from the likes of Ontrak (OTRK) and Digital Turbine (APPS) .
The action does feel a little tired and more forced but there still isn't any real shift in the price action. Fear of missing out is still having an impact and traders are looking hard for bargains. Index shorters keep being squeezed when they overact to minor downticks.
I'm looking hard for new buys and am staying selective. I added Sangamo Therapeutics (SGMO) this morning following a minor negative reaction to earnings. It has news of a patent in the Covid-19 area which is attracting interesting. A 'junk' name I'm trading is Xunlei Ltd (XNET) which is a China-based blockchain play. Pot play Trulieve Cannabis (TCNFF) continues to run up into what should be a very good earnings report.
I'm struggling to find new buys but overall the price action is still okay. I'll be watching for an intraday reversal if breadth doesn't improve. This is narrower action and that is a warning sign.
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