Bulls Manage to Build on Gains

 | Jul 13, 2017 | 4:31 PM EDT
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IWM

It was a bumpy ride but the bulls did manage to build on yesterday's gains. It was the first time there has been follow through after a big day since June 2. It wasn't wild V-shaped, chasing action but the bids where there and there was some decent speculative action in a variety of places.

I suspect that the action was partially driven by hopes that there will be some good earnings news. We will have a peak at the mood tomorrow morning when three big banks report. We have to wait a few more days for some key reports but they will be rolling out quickly starting next Tuesday.

Once again there was some instability intraday with small cap lagging for a while the Nasdaq led, that reversed into the close and the Russell 2000, represented by the iShares Russell 2000 Index ETF   (IWM) was the only index to finish at the highs. Breadth was mediocre most of the day but did go positive later in the day.

I do like some of the chart action I'm seeing and the dip buyers continue to show up when they need to. Neither Donald Trump's political issues nor Janet Yellen's testimony are causing any problems. The bears are going to whine about fundamentals but earnings season has typically not been very kind to the pessimism.

That correction is going to occur one of these days but it looks like it's on hold once again.

I'm heading out for a vacation but will be checking in. Jim Koford of SharkInvesting.com will be doing some posting in my place. I'll see you again soon.

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