|Day Low/High||0.00 / 0.00|
|52 Wk Low/High||7.27 / 8.86|
Though Finisar and a couple of other component vendors have offered disappointing outlooks, strong demand from cloud giants should continue propping up the industry.
It is a different mix of action today, with some issues in a few sectors, but the buyers remain stubborn.
The indices may test intraday lows, which we haven't seen at this point in the day in a very long time.
You can feel the misery of those who are struggling with feelings of being left behind.
This morning the most notable aspect of the action is the complete failure to bounce so far.
Uranium producers are catching a bullish wave, as is big-cap technology.
Find a strong sector, then look for attractive stocks within it.
Traders, pressed to find some action, are chasing certain things to a ridiculous extent.
Good picks make it easier to produce good results, but they are just a starting point.
But there is still some decent stock picking to be had.
The FANG names, biotechnology, oil and financials are weaker but there is some stock picking if you dig deep.
Advanced Micro Devices has been a great example of momentum in the group since its breakout in mid-November.
Sector rotations under the surface are much more volatile than what we see in the major indices.
Right now, it is more important to protect capital than to build positions.
Despite the drama in shippers, we continue to have good action in a number of stocks.
Small-cap Chinese names, like China Natural Resources, posted big gains.
The action in bulk shippers is downright ridiculous, but at least it signals a market more conducive to trading.
The mood has been overly emotional, and there has been plenty of machine action.
Our job now is to digest the news, shake off the emotions and find a way to benefit from it.
That's because the big issue is how to put capital to work.