The market action isn't as energetic as yesterday but there is some good follow through especially in the big cap technology names. The Twitter (TWTR) and Netflix (NFLX) index additions are helpful but there are other names that have joined them such as my Stock of the Week, GrubHub (GRUB) and my prior Stock of the Week, Alibaba (BABA) .
In addition there is some better action in biotech and there continues to be pockets of speculative action in names like Co-Diagnostics (CODX) , Sogou (SOGO) and Viking Therapeutics (VKTX) . The indices may be a bit extended now but we have nearly 400 12-month highs on the screens.
There isn't any big mystery about what is going on here. This is an uptrend, negative news is having an impact and market players are trying to put capital to work. Since it is easier to put substantial cash in bigger stocks, they are leading and smaller caps have slowed. However, there is still a strong appetite for big moving speculative names and that is leading to pockets of strong trading.
It is bull market action and the best course of action is to embrace it as best you can and not spend too much time worrying about what may go wrong.