Today's action was the inverse of the previous two days. It started strong and finished weak. The bears pushed a bit, but didn't have much success. The indices were green and breadth was better than 2-to-1 positive. Apple (AAPL) was a major laggard again and I didn't see as many pockets of momentum, but there is plenty of green and good support.
I was a net seller today, not because the action looks poor but because I'm finding less to buy. I continue to see no reason to adopt a bearish stance. The market is still holding well above the big fiscal-cliff gap and even making a run at the highs. The argument that there is too much complacency doesn't strike me as a concern until it is reflected in the price action. There is just too much support to believe that things are so bullish that there is no buying power left.
Once again, the good news is that we don't have any political or macroeconomic headlines affecting the action. Individual stocks moved on their own merit and stock-pickers worked it. It is refreshing action to see, regardless of how you may view the health of the market.
My attitude is that I'm not going to look too hard for reasons to dislike this market. Most of the stocks I'm tracking are doing fine and until that changes, I'll stick with the bullish bias.
Have a good evening, I'll see you tomorrow.
