Stocks Follow Through

 | Sep 12, 2017 | 4:39 PM EDT
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The indices did a good job of building on yesterday's gains but momentum slowed a bit. Much of the action was a product of super-heavyweight Apple (AAPL) bouncing around as it presented its new products. But breadth was very solid again with about 4160 gainers to 2550 decliners. A late buy program pushed the S&P500 to a new all-time closing high after it had dipped slightly in the afternoon.

Some bears are claiming that market players are too complacent and that there is no fear in this market which is a contrary indicator. The problem with that argument is summed up by data from Bank of America which states that the number of fund managers that are 'underweight' US stocks recently hit a ten-year high.

There may be a lot of bulls out there but they aren't putting their money where their mouth is, and that is what keeps a big under this market. This rally, that started on Monday morning, caught plenty of folks by surprise and they are still trying to catch up. Sentiment shifted sharply with the action on Monday and it has been very hard to reposition especially since so many things are going straight up.

There was some rotational action today as financials led and the FAANG names lagged, but the big caps came back and AAPL ended up with just some minor losses after a 'sell the news' reaction.

The old saying 'the trend is your friend' is trite and simplistic, but it sure seems to work more often than not. That is the case again, and if you are hunting for a market top you better stay patient.

Have a good evening. I'll see you tomorrow.

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