There is plenty of green on the screens so far today but very muted momentum. The S&P 500 ETF (SPY) has traded in a 38 cent range after the gap-up open and the number of stocks with large percentage moves is quite low. It isn't bad action but it is not very energetic.
The lack of enthusiasm may be due to the fact that it is a summer Friday and it has been a good week. There isn't much reason to press here with earnings season starting but the fear of missing out is keeping a strong bid under the market. There may not be any strong reason to rush to buy but there is even less reason to rush to sell.
Disney (DIS) continues to build on its recent breakout, while UnitedHealth Group (UNH) and Home Depot (HD) drive the DJIA. Small caps are exhibiting better breadth but volume is running very light. Breadth is solid but momentum quite lazy.
On my radar, today is Fate Therapeutics (FATE) which is challenging recent highs. My Stock of the Week, Personalis (PSNL) continues to act well in anticipation of initial coverage by underwriters next week.
The S&P 500 is testing the intraday low as I write and I expect the action this afternoon but to be slow and random but with a positive bias. There is no reason to make any major market moves at this time.