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I do not like complaining about the market, because it can adversely affect the way I view the action. The assorted gaps and swings in either direction that we have been experiencing are more volatile and commonplace than usual, but I can only assess the actual market in front of me, rather than the one I want to see. It is almost always best to work through these types of markets, putting in extra time to refine your craft even if you are not actively trading, as opposed to walking away indefinitely. Accordingly, I am going to focus on a positive and promising area of the market–The internet security space. Intuitively, it seems like an obvious secular growth market.
My two best ideas in that industry are FIRE and FTNT. Looking at the weekly chart of FIRE below, you can see the price action is tightening up as it works through a massive ascending triangle. Above $31.50, this heavily-shorted low-floater can work much, much higher. Earnings are out of the way and they were favorable to boot. Fortinet is in pure gap-fill mode at this point after a multi-month correction, and its multi-year bull run looks to be continuing. Also keep an eye on BCSI and CHKP.
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U playing GSVC like Fly and RC?
Not yet. Looks awesome, though.