We have some "don't short a dull market" action this morning but the thinness is keeping things choppy. Despite it being very slow so far this week we have positive action as the indices push for new all-time highs. Breadth is moving up nicely, to about 3,700 gainers to 2,300 losers, and the number of stocks hitting new 12-month highs is approaching 300 again.
The important thing to remember is that it is very tough for the bears to gain traction in a market like this. They will make brief forays on the dark side but are overwhelmed very quickly by dip buyers and speculative traders. Traders are focused on individual names and there is plenty of movement in Resolute Energy (REN) , Weibo (WB) , Tesaro (TSRO) and even Valeant Pharmaceuticals (VRX) .
Meanwhile, a number of small-caps I've mentioned, such as Yirendai (YRD) , Acacia Communications (ACIA) , Xactly (XTLY) , Energous (WATT) and Aratana Therapeutics (PETX) , are also acting well and I'm still looking to put some cash to work. I have Eleven Biotherapeutics (EBIO) on my radar this morning as well as some mining stocks.
Silver mining, which I mentioned yesterday, is seeing good follow through. There are a few small oils, too, but that group is looking a bit toppy now.
The S&P 500 is hitting new intraday highs as I write. It may be a dull market but that doesn't mean that you should be negative.