This Is a Market That's Hard to Love

 | Mar 16, 2017 | 4:24 PM EDT
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It has been said the opposite of love isn't hate, but indifference. I'm not sure that is true, but the only emotion the lack of market movement stirred up today was annoyance.

The bulls were unable to build on yesterday's Fed celebration, but the bears were equally incapable of doing anything. The indices were lifeless and nothing that moved yesterday had any follow-through. One small positive was that breadth was good, with 3,700 gainers to 3,050 decliners. There were also over 600 stocks hitting new 12-month highs, but many of those gainers were minuscule.

The bulls will tell us it was just a day of rest and consolidation, preparing the foundation for another leg higher. The bears will tell us this is more stalling action and an indication that a top is forming.

While the overall uptrend is still in place, I'm becoming increasingly concerned about many aspects of this action. The market has typically been able to build on a positive reaction to central bankers, but today there were no signs of an inclination to chase things to new highs. There is still obvious support, but it is becoming much more difficult to generate positive momentum. With seasonality turning negative and no major news due soon, further upside is likely to remain challenging.

Unfortunately from a trading standpoint, a lack of upside doesn't mean there are downside opportunities. The opposite of loving this market is very boring trading.

Have a good evening. I'll see you tomorrow.

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