The market continues to defy both logic and gravity as the lack of volatility and volume confounds market participants. At this point, gobs of individual stocks as well as the indices are exceedingly overbought and extended, and errrrryone – even the most ardent passive index investors (not-that-there’s-anything-wrong-with-that) – have shines in the corners of their offices constructed for the sole purpose of praying to the market gods for a pullback.
On the one hand, becoming tremendously overbought and staying that way is the most bullish thing a market can do. The aforementioned passive indexers (not-that-there’s-anything-wrong-with-that) love this sort of thing, but it’s more challenging for those who tend to be a little more active. The saving grace, however, is that there’s consistently been small pockets of action that have given traders some great opportunities. You have to dig a little deeper and stay disciplined, but the momentum in gobs of under-followed names has been impressive.
So, we’ll continue to press forward, work the charts and bring actionable ideas to our community. This won’t last forever, but we need to do our best to take advantage while it does.
Let’s take a look at some charts:
At the time of this post, RevShark had no positions in any of the stocks mentioned.
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