|Day Low/High||24.34 / 25.89|
|52 Wk Low/High||16.95 / 37.00|
The bulls are hoping that this dead cat bounce transitions into a V-shaped bounce.
My game plan is to not get in the way of the index selling as I watch for entries in some of the individual stocks that I like.
What is particularly interesting about the market action today is that it playing out in a very logical fashion.
I tend to focus more on individual stocks and my job right now is to develop a list of names that I want to follow more closely as this action develops.
What is most notable about this market action is that it never seems to fully discount the optimism about a China trade deal.
The momentum in the broader market is not that strong and the rotational issue continues.
China trade issue is no longer dominating the action.
AIMT has developed a 'desensitivity' treatment for peanut allergies.
It's a decent start to the trading day as all the major indices are slightly in the green. We are seeing a lot of small biotech stocks I have profiled in these pages rallying on news. Let's start with T2 Biosystems . It is up 25% today as it was awa...
AIMT lacks a strong and developed base, so only small long positions should be bought.
Market players are trying to decipher Fed Chair Powell's latest words.
There is a bloodbath of selling in medical-related names and severe pressure on cloud-related stocks that have been momentum favorites.
The biotech sector isn't for the faint of heart, but these two companies issued promising news this week.
I still believe it will be a big year for buyouts across the biotech industry.
It is the action in secondary stocks that is giving the action a much better feel.
Regardless of what is moving the markets, it is a good example of how you have to focus on price action above all else.
The stock's decline with the sector has occurred despite a steady supply of positive news.
There are obvious signs that people are trying to put cash to work.
After two chaotic days, Wall Street is trading relatively calmly, creating opportunities for individual names to show life.
As long as the indices remain under pressure there is no benefit to picking stocks.
My overall market view right now is to maintain a bullish bias but look for some pullbacks to support.
I find it difficult to believe that there won't be something positive out of the G-20 meeting.
The problem KSS faces is that reports from retailers are being automatically sold in this poor market right now.
It's weeks like this that I'm glad I have some 'dry powder' to deploy.
Let's check out the charts and indicators.
There is no question that we are becoming extended and ripe for some profit taking.