Overall market action continues to be slow, but the underlying bias shifted to positive today after weakness yesterday. Breadth is the inverse of yesterday, with better than 2 gainers for each loser. The Russell2000 ETF (IWM) is leading, while the Nasdaq 100 ETF (QQQ) is lagging. The movement in the indices is still quite minor, but at least there is better action in individual stocks.
Despite some excitement on the political front, the market is back to the summer doldrums. It is thin and momentum in both directions is limited. Putting cash to work in new ideas is difficult if you are trying to time effectively.
I don't see any reason to have either a strong bullish or bearish bias, right now. The indices are in a trading range and it really boils down to finding the right vehicles to ride. There are only 90 stocks hitting new 12-month highs so far today, and around 68 making new 12-month lows -- which is all you really need to know about the state of momentum.
This is not a market for chasing, which means you have to have shorter timeframes and make faster moves. Alternatively you can make longer-term buys on a very loose scale, but there is no rush to do that at this point.
One stock I'm looking at today is FibroGen (FGEN) which priced a secondary at $40.75. The stock hit over $50 last week on good news and should find support now around the secondary price. I'm averaging in and will build a position.