The never-ending uptrend is back on track as the indices gapped up at the open and stayed positive all day. The elections in France are receiving most of the credit but the more likely explanation is that buying the market has been a winner so that is the mindset and the way that the programs are designed. Trying to make money by calling a top has been an exercise in futility.
The FAANG names regained their leadership, with Apple (AAPL) adding nearly 3%. Amazon (AMZN) gave up most of its gains intraday but it seems to have released the animal spirits that put bids under the market. Breadth was solid and there were plenty of new highs.
Markets at all-time highs don't suddenly collapse. They tend to stay sticky to the upside but what makes this one difficult is how volatility slows. While the action is positive there aren't big swings. The action on Friday was great for traders as Amazon's deal for Whole Foods (WFM) created some big swings in the retail sector. Today there was no significant event so the movement was more random and tougher to trade.
Personally, I find myself rooting for downside because I think it would create better trading. I have to be careful about letting my desires impact my objectivity, however. I had some stocks perform well today, such as The Trade Desk (TTD) and Everspin Technologies (MRAM) but my preference for a market with stronger emotion causes me to feel frustrated despite the good action.
As traders, we have to deal with what the market gives us. If we don't like it there is nothing we can do about it except adjust the way we think. Plenty of folks are very content with this market performance. If you aren't, don't blame the market, blame yourself.
We are in a seasonally weak time of the year but that doesn't seem to be having any impact so far. Let the price action be your guide.
