We have another good example today of how this market is impervious to negative news.
Neither the prospect of a contentious G-7 meeting on trade nor the news that Apple (AAPL) is cutting supplier orders is having any major impact on the indices.
All the major indices are close to flat, but breadth is slightly negative and the number of new 12-month highs has fallen sharply to around 166. There is continued weakness in technology and semiconductors in particular. There is some strength in China names like Momo (MOMO) , HUYA (HUYA) and IQIYI (IQ) but it is quite narrow.
What is most notable about this market is that it continues to refuse to embrace a negative narrative. It is quite easy to find some good reasons to support a selloff but it just isn't happening. Instead the early weakness was bought so quickly that much of the downside had evaporated by the time the regular market session opened.
There has been quite a bit of rotation and choppiness the last couple days which has made individual stock picking more difficult. I've been taken out of quite a few positions and my cash level is now well over 50%. I'm not particularly bearish but I am not finding much I want to buy. That can change quite quickly as I continue to hunt for opportunities but this action just isn't producing trades the same way it was a week ago.
One name that I am adding to today is Bilibili (BILI) . I've mentioned this several times into its earnings report and I like the way it is forming a flagging pattern now. I'll be looking to add further if it continues to hold the $17 level.