Are market conditions bullish or bearish? It is a question that will produce a wide variety of responses. To a great degree it will depend on investing style and time frames. Presently quite a few market players have a bullish bias. The technical picture isn't bad, the economy seems to be moving along and all the news about trade wars and political issues isn't having any lasting impact.
My view of the health of the market tends to be very subjective. I don't care if the indices are at their highs or lows or how strong breadth might be or any number of other things. What matters most to me is whether there are stocks to buy. If the DJIA is up 1000 points but I can't find anything that offers me a decent entry point that isn't bullish. The business media may say it's a fantastic market but if you aren't putting cash to work then there is no reason to label it as positive.
This view of the market always results in the inevitable question of whether the reason I can't find buys is because I'm blind to the opportunities or because the nature of the price action doesn't lend itself to new purchases.
At times my methodology may be too rigid and I may miss opportunities because I'm not willing to chase or to take trades that others may have no issue with. But in some markets there simply isn't much that is working. That is the sort of market I'm seeing right now.
I have a high level of cash right now, not because I'm bearish, but because I see little I want to buy. I don't see traders being rewarded for chasing strength and I'm not seeing much dip buying action or other trades that are consistently working.
I would much prefer to be loading up on longs but since I'm not, I'm not going to act like this is a great bullish market.
I have added a couple new buys today. IQIYI (IQ) which is known as the Netflix (NFLX) of China has bounced off support at $20 and is moving with some vigor. A similar pattern I'm watching is Bilibili (BILI) which is a recent China IPO like IQ.
Is this a bullish market? Unless I start finding more stocks to buy, I'm going to say no.