|Day Low/High||29.21 / 31.78|
|52 Wk Low/High||18.62 / 39.83|
The indices need to find support and we need some better pockets of strength.
If there is a chip stock that can double from here, I'd bet on Ichor before Micron.
This name has been a value trap and hasn't been able to move despite being extremely cheap.
Once the dip buying starts it becomes self-reinforcing.
The best thing you can do right now is work on shopping lists of potential buys.
Keeping accounts near highs when the indices are correcting makes outperformance very easy.
But this can be a good thing, as traders create stronger moves.
These stocks need to reset and then the winners will come to the forefront.
Movement in the markets today is tied to end of year positioning, not fundamental decisions.
I'm looking for some new entries in less-speculative names, but many stocks need a rest at this point.
There is nothing driving a major market shift, so if you want to be active, focus on individual stocks.
Rotation that's taking place under the surface must be navigated.
What is confusing about this market is how there is such extreme positive sentiment, but no real excitement.
If the Nasdaq ETF stays in the red, the bears will get some confidence.
The normal chart patterns don't operate like they have in the past.
It is just another day of very slow action with little movement.
This corrective action has me feeling optimistic about some new opportunities.
Microsoft, Intel, Alphabet and Amazon are among the big-cap names that will report after the bell.
This market just doesn't have much respect for arguments that seem extremely logical.