Look Beyond the Indices

The indices continue to be little help in navigating this market lately They are trading in narrow ranges and aren't doing a very good job of reflecting the underlying action. The indices did almost nothing today, but there continues to be some aggressive trading action in places. Breadth was poor, particularly on the NYSE, but more than 250 stocks made new highs, and some of the momentum names, such as Facebook (FB), Yelp (YELP) and Chipotle Mexican Grill (CMG), were active again.

The Tesla Motors (TSLA) report after the close wasn't strong enough for the momentum players, and it is being sold aggressively now. It's a good example of selling the news after expectations moved a little too high. The bigger question now is whether Tesla is going to affect other high momentum names. There aren't many that are close to their highs, and you can already see how Tesla is affecting SolarCity (SCTY) after hours....1226 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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