Over the past week the majority of the losses in the indices has occurred overnight while the majority of gains have occurred intraday. If you bought the open each of the last five days and sold the close, you would be nicely profitable.
Traders are obviously aware of that tendency and they are showing interest in buying early weakness again but they are battling negative news flow and sentiment. Sentiment is running about 2000 gainers to 4700 decliners and new 12-month lows are outpacing new highs by a 3-1 pace.
There is some relative strength in the financial sector but that is more than offset by losses in everything else with semiconductors being the primary problem. FAANG names are all red and oil is steady but if you are looking for upside momentum, you aren't going to find anything.
I'm not doing much of anything other than monitoring the action. I have already raised substantial cash and have an index short in the form of ProShares UltraPro Short S&P500 (SPXU) which I mentioned mid-day on Friday. I'll probably lock in some of the gains there today and will look for another opportunity down the road.
As far as individual stock picking, I am not making any new buys at this time.