The market doesn't have any major news headlines to trigger buy programs today so we have some gap-and-slip action instead. Market players are so intent on buying down opens on bad news that they don't know what to do when we have strength instead.
If you take a couple steps back and look at the indices rather than the reactive trading on headlines, you will see that the S&P 500 is stalling right around the 50-day simple moving average which is at 2740. So far this morning the upside move stopped just below that point.
Breadth is running 3800 gainers to 2400 decliners are we have 240 new 12-month highs. The Nasdaq is still leading but there aren't as many big caps on the radar today. Overall the market needs some consolidation after the repeated bounces off the lows. Bulls are hoping for stronger momentum at this point but the market is less inclined toward that V-shaped action now.
I'm a little disappointed with some of the small cap action on my screens but had added significantly to a position in BlackBerry (BB) that I have been carrying for a while. BlackBerry announced yesterday that it is suing Facebook (FB) for patent infringement of its messenger app. BB has morphed into a technology play and seems to be making good progress there. I am sitting around 50% cash right now and would be happy to put more cash to work but I'm finding it challenging.