The equity indices don't look that bad, but under the surface there is quite a bit of poor action.
The Russell 2000 ETF (IWM) is leading to the downside with a loss of about 0.8%, likely caused in part by the reversal of all the indexing moves that were made last week. It takes a while for that sort of volume surge to move through the system.
Another obvious issue is a lack of news catalysts in a market where most of the participants are looking forward to the Fourth of July holiday. Traders are monitoring the action but there isn't much interest in making big moves in front of what is going to be some thin trading. In addition, the non-farm payrolls report on Friday is going to add some uncertainty.
The most interesting action I'm seeing Tuesday is the bounce back in precious metals. I added the VanEck Vectors Gold Miners ETF (GDX) last Friday, which wasn't the best timing, but it is coming back strongly now. Old favorite Kirkland Lake Gold (KL) is also pushing to highs.
Also of interest is the rebound in bitcoin, which I've been trading using the Greyscale Bitcoin Trust (GBTC) vehicle. There has been some correlation lately between gold and bitcoin and that is strong again Tuesday.
I'll be watching for some low volume pullbacks but this just isn't a market offering a lot of opportunities right now.
