Some Leading Momentum Names Lagging

The broad U.S. equity averages are ripping higher on Wednesday, with the Dow Jones Industrial Average gaining 125 points to 12,173. Prior to today's rally, the stock market had fallen for six straight days and the major indices have given back much of their year-to-date gains. Traders are likely trying to figure out if today's move is the beginning of a change in sentiment, or just a bounce in the new downtrend. One thing that may be of some concern for the bulls is the fact that some leading momentum names are not keeping pace with the market and are underperforming. These include Wynn Resorts WYNN, Netflix NFLX, and Chipotle CMG. All of these stocks are in positive territory, but their gains are only about half of the major averages. WYNN is up 0.33% to $135.04, NFLX has added 0.45% to $263.43 and CMG has gained 0.34% to $278.04. Watch these names into the close, as weakness may indicate that today's risk taking sentiment may just be transitory.