The market continues to struggle with 'sell the good news' issues. Amazon (AMZN) delivered a great quarter but after a big surge last night, it is now barely up 1%. The other FATMAAN names are struggling as well. Tesla (TSLA) did manage to bounce.
The problem is that there are too many big-cap stocks that are technically extended and the generally good earnings news is triggering a convenient excuse to do some selling
Breadth is poor with around 2225 gainers to 5500 decliners, but what is most notable is that the number of new 12-month highs has contracted to under 250. Only about 60% of all stocks are now over their 50-day simple moving average although the major indices are still far about that level.
Pockets of momentum remain very narrow and there continues to be little energy among stock pickers. Bitcoin (GBTC) is attracting some interest and that is helping some related names like Coinbase (COIN) but there isn't many big movers out there.
It's been a tough week for most traders, it's Friday, and the weather is nice so I'm not expecting many big moves into the close. Next week we have even more earnings reports from secondary names which usually creates some interesting trading action.