12Dec11:36 amEST
Grandma Bear Got Run Over By a Reindeer and a Trade War Tweet
Another round of renewed optimism for an imminent "big deal" with China seems to have coincided with a nice pop in the broad market this morning not long after the opening bell rang.
While quite a few software stocks continue to lag, semiconductors are still seeking to offset a chunk of that damage. Micron, with earnings under a week away, is one hot mover here, as are NVDA NXPI SWKS. In addition, OLED is an idea we have on watch for Members again as a catch-up trade to its peers. Beyond that, the casino space is heating up again. SGMS is a trade I wrote about last week and am still bullish on that name. Bt the visible names in the group like LVS MGM WYNN are full speed ahead today, too.
Other segments of the market are quietly enjoying a comeback as well, be it opticals like CIEN popping here and LITE one of the better looks in the entire IWM ETF.
However, we still want to see if the news/rumor-related pop can indeed mostly hold throughout the session before becoming too giddy. As I write this, for example, the indices are probing some intraday areas lower in search of dip-buyers, albeit still soundly green on the session.
Nonetheless, the fact remains that stubborn shorts are by and large in a tough spot in this market, with the pain trade still pointing higher until proven otherwise.
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