The market is about even around 2:10pm today, and it trades in a narrow range. The up and down volume is about even on NYSE and Nasdaq. But there are more decliners than advancers on the Nasdaq, about 2 to 1 ratio. The trading volume is slightly lower than yesterday's pace.
Even though we had some correction yesterday, I believe the market is still in an uptrend. I expect the market to break this year's new highs by the end of the year. We should have an up year this time around.
Speaking of the up market, it is important to pick the winners from the sea of stocks. (SRLS) is one the examples of a stock market leadership. It was profiled twice on my blog, one as a stock alert, and another time mentioned as a test buy yesterday.
(ISRG) is another one, one of favorites, is down $3 today, after many days of more than 2% advances. This is expected, I expect $100 is the support level for this one. We may or maybe see it in the coming days.
Look for earning reports from a few well known companies tomorrow: (MRVL), one of the top semi performers; (RAVN), and (JWN). From the recent trading actions of (MRVL), I expect it to beat the estimates. This stock can be violatile, it can be considered as an option play.
Today's stock to avoid:
(BCSI), gapped down on earning with heavy volume. It is a sell today. It can also be a short candidate depending on the price entry. Even at this price level, it can be decent. I would place a stop lost at $43, which is today's high, just in case to reduce risk. I normally do not play short myself, but this one looks OK to me. I expect more downsides to come.
Today's stock to consider as buy:
(AAPL) - another new higher today with X'mas is coming. The iPod with video should be good demand
(TESOF) - strong up momentum with 500% more volume than normal
(GILD) - 300% more up volume than normal
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