More Snoozefest Action

All the Wall Street thieves have their asses firmly planted in beach chairs in the Hamptons right now, so slow action and even lighter volume is the story.  Stocks will also have a tendency to move around more than usual as light volume makes it easier to jack things about.

The markets did have a tough time around 11:20 am as the S&P lost 10 handles quickly and the Dow lost 150 points.  It started to recover around 11:30, so it was a very quick kneejerk selloff.  The selloff coincided with headlines about emails released by Donald Trump Jr ahead of his meeting with a Russian lawyer.  Yep more Russia… never ends, does it?

With lighter volumes, it is possible that headline risk will have more of an impact as folks have a tendency to sell first and ask questions later.  This is normal for summer.

Here is something to watch.  The Nasdaq has been up three days in a row after its big selloff.  But If you notice, the advance has been on declining volume the last three days though, as it approaches the underside of its 50- day moving average.  Of course, things can work higher on lighter volume, but this could also be setting up for a fail at or near the 50-day moving average, so its something to be aware of. A close above the 50-day moving average would make me feel better.


Today I added PBYI as a new long. The stock has been coiling for about 2 months now since its big breakout.   Any resumption to the upside by the bio sector should get this going. Targets of 100 and 110.

One to watch

SGMO looks like it’s setting up again.    Watch for a breakout with volume through the 9.65 level.



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