The stock market was surprised by the positive comments from China President Xi but market players are not aggressively chasing this open. The S&P 500 has failed to make it through Monday's highs so far but breadth is very strong at nearly five to one positive.
Facebook FB started slowly but is now picking up as we await Mark Zuckerberg's appearance before Congress. FAANG names are showing some life but aren't exhibiting any unusual momentum so far.
The best group in the market this morning is oil. I'm buying some small names in the group such as Stocks Under $10 holding Sanchez Energy (SN) and W&T Offshore (WTI) . I'll be looking at some more depending on how well they hold as the day continues.
The action this morning is a good illustration of a market that is not technically healthy. Despite poor positioning by longs and good news, there just isn't enough buying energy to push this market any higher. The opening pop was sold and so far the dip buyers aren't interested in jumping in.
It is the close that counts, but so far the intraday action isn't very impressive.