The most difficult markets to trade are those that don't have strong emotions. That is what we have Monday morning as market players digest last week's gains and look ahead to the next set of potential catalysts.
The indices are drifting with small-caps (iShares Russell 200 ETF (IWM) ) lagging while the DJIA is leading. Breadth is running slightly positive with about 3,600 gainers to 3,200 decliners. New 12-month highs are doing well with around 170 compared to around 50 new 12-month lows.
Gold continues to ramp higher and bitcoin is starting to act like it did back in December 2017. The current move in bitcoin isn't nearly as frenzied as it was back then but visions of a repeat are dancing in the heads of some traders.
I'm playing bitcoin by using Grayscale Bitcoin Trust (GBTC) . I don't believe in the bitcoin story and have no interest in setting up cryptocurrency accounts, so GBTC is an easy way to trade the current technical action.
I don't have much new setting up right now but there are some potential charts that could develop. I've cut my gold holdings a bit and hopefully will be able to add to the miners on pullbacks.
It's a dull market right now and it is very easy to be excessively negative, but the odds of some surprise upside are high.