The action to start the day was a continuation of the one-way strength in the indices on narrow breadth, but a blurb that credit rating agency Fitch is stating that the House tax bill will be revenue-negative and boost deficits triggered the sell programs.
The sell programs have not been very active lately and even when they do trigger they don't last long. This one isn't gaining much traction, either, and the dip buyers are using the brief pullback to do their thing.
Even though it is painfully obvious that tax bill is going to be a very difficult process, the market simply does not care. Market players are far more worried about catching some longs than they are about a negative reaction to political issues.
I'm one of those traders. I'm staying focused on finding individual stock picks that work. My Stock of the Week, Jupai Holdings (JP) , continues to do well. My Shark Technical Buy last night was Smart Sand (SND) , which supplies sand for fracking. It is up sharply as oil continues its run.
Twitter (TWTR) is on my radar as well as traders are looking for a higher high to trigger buy stops. I added yesterday and will look for more entries as that develops.
The best thing you can do is ignore the macro chatter and just keep looking for stock picks. It is very easy to be distracted by all the talking heads who are trying to call market turns based on headlines. You are better off staying focused on making money in opportunities such as JP, SND and TWTR.