Once again the action shows that it is better to stick with the trend than to time a market top. The market is chugging along and hitting new highs even though the gains in the indices aren't all the large. There just isn't any selling pressure and traders have no choice but to keep making buys if they want to keep pace.
The challenge is that even with a bullish bias, it takes a lot of work to find the right vehicles. You can't just throw money at anything and make money, which is often the case in strong uptrends. In this market, you really have to be a good stock picker to outperform and only a small group of stocks is really working the way you'd expect in an uptrending market.
I keep hearing from both bulls and bears who would prefer to see this market rollover and shake things up a bit, but that may be exactly why it isn't happening. Bulls want better entry points and when they don't come, they bite the bullet and pay up, which keeps things running. I'm hearing a lot of frustration from bulls struggling to keep up with this action.
I have a few ugly reversals on my screens, such as InvenSense (INVN), CVR Refining (CVRR) and ExOne Co. (XONE), and that is pushing me into more cash. I'll keep digging for buys but they sure are not easy.