|Day Low/High||9.30 / 9.67|
|52 Wk Low/High||9.27 / 34.50|
The pressure on financials is affecting the entire market.
With earnings season fast approaching we should see more focus on individual stock picking very soon.
Blue chip name PEP is a good example of the weak action in individual stocks.
Don't focus on the big tech, there is still value in the technology sector.
The market has wanted to sell-off for a while and finally it is doing it.
The bounce this morning is producing a sigh of relief, but this is going to remain a difficult trading market.
For a long time now one of the most consistent patterns in the market has been buying dips created by negative headlines.
Surprise profit at Twilio sends shares skyward as China moves to prop up Shanghai market reverberate.
The speculative favorites tended to be higher priced names with good earnings reports.
Market players simply are not willing to chase solid news like this right now.
I don't expect to see GOOGL pullback too much as it will be a 'go to' name for institutions that need to put big money to work fast.
This action may actually help to create some entry points.
If you are taking some gains don't expect much downside before remounts develop.
We are not seeing much in the way of typical holiday speculative action.
Everyone is a buyer of pullbacks when the market is going up but not so much when it's going down.
My main strategy in this sort of action is to start thinking about stocks that are likely to have a good second quarter.
We'll see how things develop but today may simply be a healthy bout of profit taking after a good run.
Until that action dies it is difficult to be too bearish.
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We await the Fed's interest rate decision at 2 pm.
Stocks are back at the top of their trading range, with a bullish tilt.
Dip buying tends to beget further buying as anxiety grows over being left behind.
We'll see if the bulls can keep it running as oil and the dollar fade.
Best opportunities have presented themselves in momentum names that are taking sharp hits.