|Day Low/High||7.40 / 7.97|
|52 Wk Low/High||0.22 / 11.44|
Although the action in the indices today isn't very impressive, the stock picking under the surface is extremely robust.
There are plenty of opportunities out there, but you have to be quick.
The headlines about a new strain of Covid in Europe is what triggered the selling.
The electric vehicle company gets included into the S&P 500 before the bell on Monday, and here's where I see good buys -- and some volatility.
The party isn't over for the SPAC group, but the market needs to sort out the winners from the pretenders.
I see no reason to be bearish at this point.
The primary focus is on the price action in individual stocks rather than macro-arguments or the technical condition of the indices.
Many 'traditional' Wall Street players are blinded by the indices and the action in S&P 500 names.
This action tells us much more about the health and sentiment of this market than the S&P 500 which is trading flat.
The biggest challenge I see right now isn't overall market conditions but finding individual stocks that are ready to run.
The biggest positive I see is a continuation of speculative trading action.
We are seeing some reversals in the overreactions that occurred in the last two days.
The focus is still on stock picking and that is helping to prevent broader selling.
Market players don't want to be aggressive or have large exposure until we see greater election clarity.
Here's what's on my radar as market players continue to be optimistic about the prospects of individual stocks into earnings.
What's most notable today are the pockets of strong speculative action.
There are some signs of an intraday reversal in the S&P 500 SPY that I'm monitoring.
It is logical that stocks consolidate a little as we head into earnings season.
There's selling pressure but that's healthy and will help to give us some better entry points.
You need to be selective and manage positions carefully.
What's most interesting about this market is how market players continue to hunt for entries despite all the warnings and negativity.
A change in renewable fuel regulations would be a negative for companies like Chevron and BP, says S&P Capital IQ.
This probably isn't a top as there are plenty of dip buyers who haven't been scared away.