Although the market has been under pressure all day, I like the way the it is acting.  Buyers emerged before the decline could trip circuit breakers. Even though the early efforts to turn the tide didn’t seduce more buyers, it’s a change from prior sessions. 

A wider range of names are higher, including shares of companies in consumer staples, drug stores and video games.  There are other coronavirus ideas higher as well, but some were too gimmicky and too small to influence board market.

As stocks mark time, after opening lower, there are reports New York City has crossed 1,000 confirmed cases of coronavirus and the US Navy is sending in the USNH Comfort hospital ship to assist.

Watching stock action for signs of what investors want or expect took us to MongoDB (MDB), which traded lower after posting earnings after the close.  But it reversed today with guidance that looked beyond current coronavirus crisis.

“Given the attractive long-term opportunity we have in front of us, we think it continues to be important and appropriate to keep investing in these high-return areas.”

“While we expect to see an impact to our business from the COVID-19 situation in the short term, we remain committed to strong execution in order to capture our long-term market opportunity.”

MDB Management

The last hour of trading is where the bottom has been falling out.  Without any specifics on the administration’s plan to curb the impact of shutting down the nation, some air came out of the balloon of hope. 

It’s hard to believe, but there are very intriguing and more encouraging signs and actions today.