Does feel that way doesn't it? Think about what little news we have today: Costco (COST) with great numbers; a deal for HSN (HSNI) ; better-than-expected numbers for Steelcase (SCS) ; worse-than-expected for L Brands (LB) ; and a push number for Yum China (YUMC) . Throw in a weak ADP number and some geopolitical tension and you have a laundry list of basically nothing.
In these situations the idea that we should be pummeling pretty much all stocks except the oils seems a little simplistic. That doesn't mean you want to get in front of a real or imagined freight train, but as we survey the market for stocks that stand out as buys for Action Alerts PLUS, I come back with that same gnawing feeling: Give me something that's a huge discount and I will pounce.
So far?
No pouncing.
If Nvidia (NVDA) turns and Costco rallies then we might have something.
Otherwise not.
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A changing market structure has annihilated natural price discovery, making me more skeptical of the reliability of the charts that form the basis of technical analysis.
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