|Day Low/High||20.33 / 21.21|
|52 Wk Low/High||16.54 / 53.46|
The hardest thing to do is to stick with the momentum and not give in to the temptation to sell prematurely.
While breadth is very good Wednesday, it isn't flowing into the speculative names.
There's nothing in the price action to indicate that a change in market character is developing.
Biotechnology is always high risk but the right plays move unlike anything else.
A positive aspect of this sort of action is that the best trading opportunities tend to stand out more.
I'm doing some dip buying amid weakness in large-cap tech stocks.
Is this just 'one day and done' selling or the start of a deeper pullback?
It isn't just the bears that would welcome a pullback in this market.
My main focus right now is on stronger defense.
We have little choice but to respect the price action above all else.
I see no reason to put much money into longer-term positions right now, but here are some of my biggest positions.
Even if you are bullish and want to try to ride the uptrend the entry points are extremely difficult.
I continue to follow the 6 names and believe several of them will recover well.
One of the best signs of a better market is the ability to rally on bad news.
While a bounce is very likely to occur soon, the much more difficult issue is how quickly the market can recover from this corrective action.
I've previously discussed why these six stocks are my top picks for 2020. I will periodically provide updates and discuss my strategy for trading them.
Given broader market weakness, this is a good time to take a look at these names and develop strategies.
This feels like a combination of poor positioning and a short squeeze.
I see attractive potential for this recent IPO if it can nail down a few new customers.
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.