|Day Low/High||17.38 / 17.55|
|52 Wk Low/High||5.80 / 20.96|
Many of the stocks favored by speculative traders are coming on strong.
In the weeks ahead, there's likely to be unusual increases in volume in a number of the stocks that are being added to the Russell 3000.
Quite a few stocks are fading right now -- not due to poor fundamentals, but due to lack of buying interest.
Trillium Therapeutics and Provention Bio have products in the pipeline that could propel their shares upward.
Next week we are likely to see some shift in the focus of the market as we move back to macro and big picture issues.
The positive news is that small-caps continue to do well and there's some good trading in smaller names.
We are seeing some reversals in the overreactions that occurred in the last two days.
There's selling pressure but that's healthy and will help to give us some better entry points.
The primary focus is on trying to put more cash to work.
This is a very healthy market and some consolidations and pullbacks would be advantageous for trading.
As this healthy bounce boosts the market, I'm seeing opportunities in these special purpose acquisition companies.
Don't be in a rush. The key to accumulating stocks in this environment is to move incrementally.
Biotechnology is always high risk but the right plays move unlike anything else.
The market trend is up and that's all that matters in the short term.
Here's what I'm trading and what's on my radar today.
If the market can't sell off on this news then what reason does it have to dip?
You need not be a rip-snorting bull to still find some stocks that look pretty good on a technical basis.
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.
It's looking like the trading range I've been talking about may be developing now.
There is nothing in small-caps to suggest that they are as frothy as the big-caps.
One group that is starting to look interesting is Master Limited Partnerships.
Such unwarranted fears have depressed the sector, which could bounce back after Nov. 8.
The end of the quarter is approaching and might impact action in individual names.
It's challenging to put cash to work but I'll keep digging.