|Day Low/High||13.09 / 13.44|
|52 Wk Low/High||5.01 / 14.78|
Liquidity, FOMO and a short squeeze are driving market action.
A positive aspect of this sort of action is that the best trading opportunities tend to stand out more.
It continues to be a market for speculative trading.
This is a very mixed market right now and the major indices are doing a poor job of reflecting what is really going on.
The influx of new traders in recent weeks is making the small-cap speculation a regular thing.
It has the potential to gain strong momentum as it's mainly a technical trade.
Market players are trying to navigate the rotational action.
The stocks that are leading are a completely different group than has led from the March lows.
My overall market thesis is that a trading range will develop but the indices are still hunting to find support.
I may not be a 'true believer,' but the chart setup looks attractive here.
The indices are fine but if you are looking to add long positions it is narrow action right now.
Now the focus is on how many more cuts will follow.
Despite the trade war with China and the upcoming Fed meeting, it was detachment in the end that likely bogged down trading on Monday.
Not even dip-buying could save Monday as concerns lingered over a looming Fed rate decision following good jobs news and over reports in Chinese press of a lack of trade progress.
There has been some correlation lately between gold and bitcoin.
The S&P 500 and the iShares Russell 2000 Index broke a four-day losing streak as market players didn't seem to care about, or expect, a resolution on the trade war between China and the U.S.
Its price is determined by emotion more than anything else.
With lackluster indexes, traders were drawn to wild action in bitcoin.
AbbVie is dropping on Allergan deal announcement, momentum is weak outside certain pockets.
Gold continues to ramp higher and bitcoin is starting to act like it did back in December 2017.
Boeing put wings under the Dow, but rotation is continuing to take a toll.
The one name I feel has the best fundamental argument is Overstock.
Seldom do we have an opportunity to watch a bubble in real time.
There is nothing driving a major market shift, so if you want to be active, focus on individual stocks.
AML Bitcoin is the latest development among rapidly changing cryptocurrencies.