Strong markets are sticky to the upside and this one sure is. There doesn't seem to be a worry in the world as we dip for a few minutes to start the day and then see steady buying develop.
There really isn't any obvious headline reason for the continued momentum. The main motivation to buy continues to be what it has been for a while: price action is favorable and the macro negatives just don't matter. What makes this so tough is that we are technically extended by just about any measure. You can't help but wonder what is going to trigger the inevitable pullback. It will happen sooner or later but even Miss Cleo couldn't time it.
Quite a few of the momentum stocks I've been discussing are still doing well. Acacia Communications (ACIA) , Yirendai (YRD) , Gigamon (GIMO) , Cotiviti Holdings (COTV) and BioTelemetry (BEAT) are perky today. My Stock of the Week, Match Group (MTCH) , is developing nicely but putting new money to work is a major challenge.
Often I find that my inability to find new entry points is a good way to time the market. If you aren't buying then your cash levels rise by default. It isn't necessary to form a specific bearish thesis. The methodology does the work for you. I'm going to keep digging for new merchandise but I'm not expecting to find much.