The market continues to suffer from an identity crisis. Bull? Bear? Turtle? It’s a muddling period that makes investors jittery and some retreating to their shells.

Although I’ve been encouraged by the breadth and share volume of rising stocks, the sharp drops reserved for any disappointing news show me the bear’s claws have not been dulled.

As a reminder, I am always looking for stocks that are undergoing a secular shift. This is a trend that will specifically help or hurt (in my bearish bets) this stock or a group of stocks.

For example, Carbonite (NSDQ: CARB), which I discuss below, is a benefactor of the shift of data to online storage. The company is also succeeding in shifting its customer base to more profitable corporate customers from consumers.

Ichor Systems (NSDQ: ICHR), is another secular play focusing on the demand for the semiconductor production equipment needed to make the next generation of chips. New chips required for OLED screens drive demand for new wafer fab equipment, for which Ichor produces components.

The idea is that stocks with robust drivers that are not dependent on a bull market should move higher regardless of the market direction. Obviously, in huge swoops down like we saw earlier this month, there are few spots to hide. But over time stocks with solid growth based on a unique circumstance should perform well.

I suggested selling the Emergent BioSolutions (NYSE:EBS) call option on Friday for a 39% gain. The group has had a hard time staying up and as many of you know, I like to book any notable options gain when it arrives.

In case you missed it, I also issued a bullish trade alert for Target (NYSE: TGT) (long the stock and long calls) and a bearish one on Big Lots (NYSE: BIG) via a long put position.

Stay tuned for more trade alerts this week. I am putting the finishing touches on a few that I am very excited about.

Around the Portfolio:

Carbonite leaped 30% last week. While the move coincided with the company’s earnings release, it was future guidance and the acquisition of a major competitor that was likely behind the big move.

Earnings for the quarter came in as expected but revenue was a few million dollars light. This was forgiven for two reasons. The first is that Carbonite is acquiring Mozy, a significant competitor currently owned by Dell. Mozy will contribute $52 million in revenue and $.25 in earnings this year.

Mozy’s business is focused on the corporate end of the spectrum with 85% of revenue from business offerings. This is super important to Carbonite who is transitioning away from its more volatile consumer products.

In addition, guidance for 2018 increased by $.50, half from Mozy and half from improved company numbers. Based on these new numbers I am increasing my Carbonite price target from $23 to $37.

Celgene (NSDQ: CELG) was upgraded to Overweight from Equal Weight at Barclays. The analyst says the current valuation largely reflects the risk regarding the company’s concentration of sales from Revlimid. He notes Celgene’s risk/reward profile based on his net present value analysis yields an “attractive upside case.”

Revlimid is Celgene’s largest (60% of sales) drug. It is a cancer drug recommended for multiple myeloma. It is covered by patents until at least 2022 but investors fear Celgene won’t have enough new drugs to replace lost sales from generics in the future. The company is using the huge profits generated by Revlimid to deliver new drugs, like Otezla, an ulcer-related drug. An approval for plaque psoriasis is helping drive Otezla sales which grew 26%, to $1.2 billion last year. The company’s purchase of Juno is part of the plan to help fill that hole.

Celgene will be at an investor conference this week on Feb. 21. I’ll be reviewing the transcript for any new information but think the stock looks like a tremendous value at this level.

Ichor Holdings rebounded a bit last week but I expect it to be stronger based on the super bullish commentary from Applied Materials (NSDQ: AMAT) last week. Applied Materials is a 46% customer of Ichor’s and it reported strong earnings. In its commentary, it specifically noted increased momentum in demand for semiconductor equipment. Ichor supplies unique components to Applied for these machines.

The stock was upgraded to Strong Buy from Buy at Needham and announced a $50M stock repurchase program.

Steven Madden (NSDQ: SHOO) enjoyed some bullish commentary from an analyst at Canaccord who recently met with management. Analyst Camilo Lyon came away positive on the company’s late summer/early fall deliveries and the momentum the company currently carries into 2018.

Vulcan Materials (NYSE: VMC) reported a solid but not fabulous quarter last Friday. The stock sagged 6%. Although demand continues to be strong, profits have been crimped by higher transportation and fuel expenses.

CEO Tom Hill is optimistic about private demand and believes 2018 will mark an inflection point for several years of sustainable demand for the company’s aggregates which are used in building and road construction.

I still like the stock but am lowering my target to $150. I am researching some other names that may offer better value in the sector.

On earnings this week we have Pra Health Sciences (NSDQ:PRAH) and Masonite (NYSE: DOOR) reporting Feb. 22 before the market opens. I will keep you updated on how those come in.