|Day Low/High||87.61 / 94.50|
|52 Wk Low/High||25.50 / 99.50|
My inclination is to protect gains in biotechnology and other strong plays.
Despite the lackluster action there are some pockets of good stock picking again.
My main focus right now is on stronger defense.
The best thing I see about this market right now is that stock picking matters.
A major theme of late has been the outperformance by post-pandemic names in groups such as biotech.
Technically the late-day selling is not a major negative, as plenty of charts need rest.
It's best to not be dogmatically bullish or bearish.
I see no reason to put much money into longer-term positions right now, but here are some of my biggest positions.
Stocks are not moving in highly correlated action, which favors stock-pickers and technical buyers.
The biotech sector doesn't look anything like a bear market.
If you are using logic, fundamentals or charts, it will be very hard to find a compelling reason to support this action.
Traders have been expecting selling for so long that they're highly sensitive to any bit of it.