The market continues to find reasons to trend higher. Despite a number of lackluster earnings reports this morning from JP Morgan Chase (JPM) , UnitedHealth (UNH) , Sherwin-Williams (SHW) and Wells Fargo (WFC) , the S&P 500 was strong out of the gate and gained some traction.
News that Netflix (NFLX) was increasing its prices helped to bolster the mood and is causing the FAANG names to lead. Weakness in financials is being ignored.
News just hit that U.S. Trade Representative stated he saw little progress in last week's talks with China on structural and IP issues. That took the indices off the early highs.
I continue to have a very difficult time finding individual stocks that I want to buy at this juncture. There are some movers like Adial Pharmaceuticals (ADIL) and Microbot Medical (MBOT) , but I'm very hesitant to do much chasing.
I am primarily focused on stalking an entry point for an index short. As a reactive trader I want to see some actual weakness before I act on it. I don't try to anticipate exact turning points. I want to see some weakening and reversals before I put my money to work.
One issue I'm focusing on is the potential for a market pop if we have a solution to the government shutdown. Although this issue hasn't caused any weakness, its resolution will likely receive a positive reaction. I suspect that could be a 'sell the news' opportunity but we'll cross that bridge when we come to it.