A Market Surfing the Highs

Even with small caps flipping slightly red as I write this, the broad market is largely hanging onto gains since Christmas and, in some cases, building on them yet. To be sure, looking for a near-term market top seems like it is overdue.

However, that's just it: Sentiment is far from euphoric and stocks mostly are not cracking. If anything, quite a few names are simply resetting and potentially offering up lower risk entries for patient longs in the coming sessions. Guardant Health (GH) is just one example, not to mention SNAP. 

True, we have a Fed Meeting kicking off today and culminating tomorrow afternoon. But unless Chairman Powell totally shocks the market it is more likely than not to be much more sizzle than steak as far as the price action goes. What matters more to me now is whether dips continue to be shallow in the broad market and whether we see more individual stocks across a variety of sectors emerge to broaden out the rally. 

One name I have been long for a few sessions now inside Market Chess Subscription Services is Tenable Holdings, a $3 billion market cap domestic cybersecurity play. On the TENB daily chart, below, you can see the name trying to emerge from its latest base after some likely shakeouts last week. 

We know that the HACK ETF plays for cybersecurity have been strong performers in 2019. So, I am looking for more participation in that group, including lower profile names like TENB.