Breadth is strong and the indices are holding, but we have a lot of churning as market players look for a catalyst. A weak durable goods number and a consumer confidence miss helped to give us a little "bad news is good" buying action, but the buyers don't have much interest in chasing at this point. The momentum that has been keeping the bulls optimistic has slowed, and it looks like traders are waiting for some news that they can play.
Small-caps are performing relatively well, which tells us there is still a speculative appetite, but the big-can technology names are struggling. Action Alerts PLUS portfolio holding Alphabet (GOOGL) is weak again, and there doesn't seem to be any interest in riding Apple (AAPL) into its report tonight.
This may just be some healthy consolidation, but there isn't much to do while it plays out. I've been a net seller again as I protect some gains. I'd be happy to make some new buys, but at the moment I see nothing I want to add. I'm fooling with some names like Square (SQ) and Yirendai (YRD), which are working, but that leaves a lot of idle capital.
The market is holding up, but that doesn't mean that it is offering us many new opportunities.
