The good news is that some late buying saved a very dull market that saw quite a bit of internal weakness. The bad news is that the trading tomorrow is probably going to be even slower -- but at least we close at 1 p.m. ET for the Fourth of July.
Last-hour buying sent the indexes into positive territory, but breadth remained negative. Oil-related stocks were brutalized, while money rotated back into precious metals, bitcoin and bonds. The weak dollar players were under pressure yesterday, following the G-20 meeting, but they regained their footing today as economic data continues to look poor and the likelihood of a Fed rate cut remains high.
A good amount of pressure was put on small caps Tuesday as the Russell 2000 rebalancing overhang was still unwinding. Recent initial public offerings suffered as the speculation action has moved onto other areas.
While the indexes remain in good shape, technically, the big problem is that there isn't much leadership. Semiconductors pulled back, FAANG names did little, banks are holding up, but slow and precious metals just aren't good leadership.
Look for some random action tomorrow, and a little positioning in front of the June jobs report, which is due out on Friday after everyone has been watching fireworks late into the night before.
This market is still in pretty good shape but it is very challenging to trade.
Have a good evening. I'll see you tomorrow.