Once again, after a few hours of weakness, the indices have bounced back and the negatives quickly forgotten. The dollar had jumped briefly but when it weakened again that boosted the indices. There isn't broad momentum but the Dow Jones Industrial Average is helping to create the impression of extreme strength.
What is most remarkable about the market so far in 2018 is that we have not had a pullback that has lasted more than about three hours. There are always some strong runs when the market is in an uptrend but nothing this lopsided for so long.
It is a little tiresome to keep rolling out the superlatives about the market strength. It is highly unusual and there is no way to guess when it will end. I hear more and more folks willing to believe that it is going to last far longer. That may be the case but the complacency is troubling even if you are not a fan of contrary thinking.
There is some slowing and rotation taking place but the support is as stubborn as ever. A weak close is about the only thing that may cause the bulls a little hesitation.
I've been writing for a while that my best timing tool are the individual stocks that I'm holding. When they stop working and my stops are triggered then I'll raise cash and be more defensive. That has yet to happen to any great degree, although my cash levels have been increasing and I'm finding new buys somewhat more difficult to locate. So I'm less bullish by default and actually looking forward to more weakness.
A couple of mover charts I'm watching are RISE Education Cayman (REDU) , a China-based company that focuses on teaching English, and My Size, Inc. (MYSZ) , an Israeli company that makes apps used for clothing measurements. Both have attractive charts and are developing well.
