A late bounce saved the indices from closing at the lows of the day, but it was another anemic session with a few big-caps doing the heavy lifting. There were a few movers on earnings reports, such as Wayfair (W) and World Acceptance (WRLD) , but the lack of sustained momentum in the indices is driving many traders crazy.
This market is solely dependent on individual stock picking. The indices barely budge and the pockets of momentum are limited. The big money keeps piling into names like Apple (AAPL) , Tesla (TSLA) and Alibaba (BABA) , but the speculative traders have done OK with some names like Applied Optoelectronics (AAOI) and Lantheus Holdings (LNTH) .
The flat action is causing some odd sentiment. The bulls stay focused on the big-caps and try to excuse the narrowness of the action, while the bears point out the relative weakness in small-caps, the low VIX and the benign sentiment.
It is easy to make an argument that a top is near, but that isn't making anyone any money right now. The only question is "what is happening now," and the answer is "not much." The stock picking should be the focus until the indices make up their minds. Unfortunately, that may not be for a while.
Good earnings from Nvidia (NVDA) are going to attract some interest, but staying awake is the biggest battle lately.
Have a good evening. I'll see you tomorrow.