The indices are staying in positive territory despite the yield on 10-year treasuries hitting 3% for the first time since 2014 and a "sell the news" reaction to Alphabet's (GOOGL) solid looking earnings report. There is a good amount of volatility but breadth is good with around 4700 gainers to just 1850 decliners.
Stocks have become a bit oversold after three straight days of dismal action so that is helping to produce a bounce but we have 100 new highs to 90 new lows which tells us that this is a market stuck in a range well off its highs.
The biggest problem the market faces right now is that the buyers are reluctant to dive in and chase strength. There still is little leadership although a few oils are doing well but the technology sector is a mess and the FAANG names are underperforming.
I have plenty of idle cash and would like to put it work but overall market conditions just aren't supportive of aggressive buying right now. There are some OK charts but the problem is that they are not making sustained moves when they do pop. It is what I call "one and done" action.
If the overall market would be buying charts like these aggressively, but since we can't count on sustained momentum, there is no choice but to buy smaller and to be faster to flip.