What is most notable about the market action today is that there doesn't seem to be any optimism about the possibility of some positive news out of the G-20 meeting. Expectations for some progress on a China trade deal have been extremely low and the market is acting like it doesn't believe that even those low expectations will not be surpassed.
This sort of action also occurred in front of Jerome Powell's speech on Wednesday and the very low expectations for something dovish ended up producing an extremely strong move. This action feels similar today with market players just not willing to do much in front of the news.
I find it difficult to believe that there won't be something positive out of the G-20 meeting. It will likely just be some talk about a willingness to negotiate in good faith but the market doesn't seem to be anticipating even though.
The market's reticent to anticipate something positive is probably due in large part to how strength has been sold consistently. There hasn't been much momentum and good news of any sort has produced a 'sell the news' reaction so it is understandable that there isn't much effort to build long positions into this event.
The action is individual stocks continues to be very dull. There isn't as much aggressive selling but breadth is almost dead even and there still isn't much in the way of good stock picking.
I typically have little interest in stocks that are hitting new recent lows but one names I've been following for a while that I'm watching closely is Aimmune Therapeutics (AIMT) . It has been under steady pressure even though it had some very good results recently. There is some concern about the tolerability of its peanut allergy treatment that may be an overaction. This article discusses the issue and has me watching for a turn to develop.
I'm surprised that expectations for something positive for the G-20 meeting is so low and I'm surprised by how lifeless the action is. Overall I am still bullish after the Fed news on Wednesday but I am not able to do much with so few stocks setting up the way I'd like.