I'm leavin' on a jet plane, don't know when I'll be back again.
Actually, that's only partial true. I do know when I'll be back. Late next week, but until I am, you'll be without my services for a few days. The good news is you're all in more than capable hands until next Friday as I take a short reprieve from the day-to-day craziness of the market. Rest and recharge is vital for everyone. Don't second guess taking a day or two or even a week for your mental health. It will pay big dividends in the long run.
And today is one of those days that ducking out early probably isn't a bad thing. Despite having plenty of data from the government, we have to expect a quieter trading day in terms of volume. It will likely be dull, and you know what they say, "Never short a dull market." I find this especially true when the trend has been higher, and it feels like little resistance has come into play.
That being said, the underlying momentum was weaker yesterday compared to the broad markets. Most of the more volatility names I follow along with the pockets of momentum were actually pretty ugly, so I'm not sold on beyond today when it comes to dull markets.
So, yeah, I think today will evolve into something dull after the first hour but keep an eye on those momentum and meme names. They don't look healthy. The broad indexes aren't a short but buying former momentum and meme names certainly isn't a strategy here either.
As dull as today is, I expect Tuesday and Wednesday to be popping with news from companies. My theory is any company sitting on news that could be worth something would hold it past yesterday and today, if possible. And I tend to think we'll see more positive announcements than negative. Heck, if I had negative news, I would have tossed it out this morning. I would refrain from after the close today as that one comes across as trying to "sneak" in bad news while this morning comes across as a normal course of business release.
In short, don't push it today. There should be lots of catalysts coming next week from individual names. Rest up and be ready to go with that rather than the garbage on the screens today.