Personalis Inc. (PSNL)

The indices moved into positive territory and now the action has cooled off.

The company has a collaboration with Merck, and there are far worse partners you could have when working in the cancer segment of biotech.

Thin seasonal trading and various end-of-year pressures can produce some surprising movements.

Much of the action right now is positioning and tax moves that have little to do with fundamentals or technical conditions.

I'll be looking harder for some January effect plays and one of the prime areas for that is the broken IPOs that are trading near lows.

The trading action is not bad if you are selective and have short time frames.

I tend to focus more on individual stocks and my job right now is to develop a list of names that I want to follow more closely as this action develops.

Meanwhile, the mighty Apple continues to provide steady support.

China trade issue is no longer dominating the action.

There is no upside leadership at present, although a few defensive groups such as pharmaceuticals are seeing some interest.

I'm been focusing more on stocks coming off their lows rather than breakout plays.

These buyers are most likely to be flippers and they will exit fast and kill the bounce tries.

If the macro issues calm down there should be some good trade opportunities.

But the fear of missing out is keeping a strong bid under the market.

Money is shifting to a narrower group of big caps, which is likely due to allocation decisions by large pension plans that are reacting to the Fed.

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.

Despite steady selling Thursday the markets are not on the verge of disaster -- and thanks to several IPOs, opportunities are here.