Many investors are content with a market that goes straight up every day but from a trading standpoint it is interesting to finally see a little downside action as well. It wasn't much but President Trump's comments caused the dollar to bounce and that tripped up the market a bit. Gold and oil reversed and the indices actually made an intraday low around 3 p.m. ET.
Of course, then the dip-buying programs went to work in the last hour and took things off the lows but a little downside action was a nice change of pace. Despite the bout of selling breadth wasn't bad with about 3,150 gainers to 3,650 decliners.
Most of the damage to the indices was done by the Big Kuhana, Apple (AAPL) , which dropped for the second day in a row and breached its 50-day simple moving average. I'm not hearing much chatter about Apple but it's offsetting some big gains in other stocks such as Amazon (AMZN) and Alphabet (GOOGL) .
Stock-picking remains robust. The two biotechnology names I mentioned this morning (Iovance Biotherapeutics (IOVA) and Menlo Therapeutics (MNLO) ) roared higher and there was a good supply of stocks with moves of over 5%. As I said earlier, it is when the stock-picking stops working that we need to start worrying.
After the bell, Intel (INTC) put up some good numbers and that should help the chip sector which struggled some today. In the past the Intel report often marked an important turning point, in either direction, for the market but it probably isn't as important as it once was.
The trend continues but it is a little bumpier. Manage those positions and let them be your guide.
Have a good evening. We'll see you tomorrow.