As the day progresses I am now reconsidering buying some names that have filled today's gap. What I mean is I am looking for stocks that opened higher and have traded lower to levels near their Friday's close. Thus filling the gap. In fact as I pen this, the S&P and NDX are getting close to achieving this and could bounce. The Dow has been holding strong all day as a number of components are breaking out to new 52-week highs.
Remember the end of the year is approaching and the names that could outperform may be the names owned not by hedge funds, but rather by big vanilla type accounts. These guys have the money and power to press stocks higher into year-end and in the process make their year-to-date returns improve. Just a thought to keep in mind if you are looking for possible year-end plays on the long side.
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