If you look at the indices you will see the DJIA down 0.25%, and the S&P 500 and Russell 2000 ETF (IWM) with minor losses. Breadth is running 3280 advancers to 4025 decliners.
That sounds quite lackluster but what you are missing is some crazy positive trading in many individual stocks. At least a dozen stocks are moving more than 20% today including names like Dada Nexus (DADA) , Blink Charging (BLNK) , and AYRO, Inc (AYRO) .
It is a feast for traders that are aggressively pursuing positive price action. On my screens names like Futu Holdings (FUTU) , Ocular (OCUL) , Pacific Ethanol (PEIX) , Trine Acquisition (TRNE) , Beem Global (BEEM) , and bitcoin (GBTC) are all making big moves.
I've written it many times but I will write it again. I will be concerned about market health when there is correlated selling. I don't much care what the indices are doing if these pockets of strong action continue. This action tells us much more about the health and sentiment of this market than the S&P 500 which is trading flat.
At this point, I see no alternative but to continue to look for the next strong technical setup that will work so that is what I'm doing.
