Once again, the indices didn't do much and volume was light, but under the surface there continues to be some very good action. Oil-related names were the primary strength today, but Walmart (WMT) helped the bullish cause. Cisco (CSCO) was ignored but that hasn't been a meaningful name in years. (Cisco is part of TheStreet's Action Alerts PLUS portfolio.)
What was particularly impressive today was breadth, with about 4,600 gainers to just 2,050 decliners. That was reflected in outperformance in the small-caps. New 12-month highs continue to run at a healthy clip with over 400 today.
The Nasdaq hasn't had two successive negative days since the two days following the Brexit vote. That means we have gone about six weeks without any dip of consequence. The bears' reaction to that consistent strength is that there is too much complacency, but if you are looking to call a top in this action based on contrary indicators, you aren't having much success.
Applied Materials (AMAT) earnings after the close look solid and that may help the technology group tomorrow. This is supposed to be the time of year when things go dead, but the only thing that isn't moving much are the indices. Good, solid trading continues for those who are willing to do a little digging.
Have a good evening. I'll see you tomorrow.
