The indices are in the green but it is lackluster action with breadth running negative. There are only about 2750 gainers to 3500 decliners and the number of new 12-month highs and 12-month lows are close to even around 50 to 60. It isn't terrible action but there just isn't much energy and whether you are making money or not will depend on your stock picking.
What this market is missing right now are triggers for the computer algorithms. They need something to react to and there isn't anything right now of much interest. If the market had gapped down on something like a firing of the Attorney General, the computer algorithms would have likely triggered a buy on a gap down open. That didn't happen so we have this drifting action and uncorrelated action between stocks and the indices.
I don't see any reason to believe that there is going to be an acceleration in selling as there is obviously some good underlying support but there isn't any reason to be aggressive with buying right now.
I'm focusing on some speculative trading as the big movers tend to stand out in this sort of action. I mentioned RXI Pharmaceuticals (RXII) yesterday and that is moving strongly again today. Here is some background on the stock.
Another, bigger cap much more conservative name, I'm watching is Blackberry (BB) . That is turning up nicely after a brief period of consolidation. Casa Systems (CASA) , a former stock of the week, is on a rampage and had gone parabolic.
The bad news is that it is lackluster market. The good news is that careful stock picking is being rewarded.