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Despite the mostly negative news-stream, SPY and QQQ are still hovering near all-time highs. Typically, the market averages are lagging individual stocks and at the beginning of a new bull market, we tend to see plenty of stocks break out ahead of the averages – these are the future momentum leaders in the making. There is a serious lack of new leaders in the making currently. We continue to see mostly non-inspiring breakouts that seem to be lacking the energy to move higher. I highly doubt that homebuilders, banks, and gold miners can really lead the market higher. We discuss some interesting setups in medical devices stocks and opine on the future of Netflix.
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