|Day Low/High||85.67 / 88.94|
|52 Wk Low/High||83.62 / 165.87|
After rallying to more than $100 a share, the stock could pull back to around $95 before consolidating gains.
The market has wanted to sell-off for a while and finally it is doing it.
While markets are higher Tuesday, there is little to suggest recent choppy action won't continue.
The bounce this morning is producing a sigh of relief, but this is going to remain a difficult trading market.
For a long time now one of the most consistent patterns in the market has been buying dips created by negative headlines.
Apple in particular is helping the bullish cause.
There are issues in the study that are keeping some buyers cautious and causing selling into the early strength.
Everyone is a buyer of pullbacks when the market is going up but not so much when it's going down.
There are likely to be some good opportunities developing as this profit taking accelerates.
Sentiment is very positive, regardless of what the indices may say.
The S&P 500 has shown the same pattern for three consecutive days.
It is important for the bulls that the indices close near the highs of the day.
Until that action dies it is difficult to be too bearish.
This underperformance is being caused by pockets of weakness in bigger-cap names.
Great being here on Daily Diary today. Nice to see a huge rally for once standing in for Dougie as well. Lots of good conversation as the markets close near their highs for the day. Some big moves in the small biotech names that are near and dear to...
Finding good setups in individual stocks is still challenging as there simply isn't a lot of strong momentum.
Rotational action is the main theme Wednesday and good opportunities are out there.
Whether this market continues to bounce is going to depend a great degree on the FAANG names.
With few catalysts for the markets, Tuesday's special election for a Pennsylvania congressional seat could set the tone this week.
I'll be watching for entry points to develop this afternoon.
The best way to deal with the struggling market is selective stock picking and good defense.
The market's reaction to James Bullard's comments this morning is following an all-too-common pattern.
It is important to note that watching for a reversal is much different than being short.
If we have a little consolidating action here the buyers will start pushing again.
What drives the trading action are structural issues, not macroeconomic news events or political drama.
There is still a very strong appetite for individual stocks with momentum.