It is another sloppy day of trading and, like Wednesday, there is enough positive action in big-caps to offset some very ugly pockets of weakness.
Small-caps have bounced back after hitting support at the 50-day simple moving average but breadth is running about 3 to 4 negative. There are only about 100 new 12-month highs to around 95 new 12-month lows, which provides a picture of how mixed the action is for a market that is still very close to its all-time highs.
The Pinterest (PINS) and Zoom Video (ZM) IPOs are trading well with ZM jumping over 75% from its pricing. That is helping the tone of trading but it does suck up capital that otherwise would be helping out elsewhere.
Biotechnology, software and healthcare were hit hard again, which is primarily due to follow-through momentum and stops being triggered rather than any new news. There are some signs of support now as bargain hunters look at biotech names that have fallen more than 8% in the past two weeks.
The release of the Mueller Report is dominating the cable news coverage but the market seems totally uninterested in it. The news has always been pretty meaningless to the market and it is even more so now that there doesn't seem to be any obvious smoking gun.
With the long weekend beckoning we'll see if there is much appetite for new buys into the close. The S&P 500 has almost fully recovered its morning losses, although breadth could be better and the pockets of weakness are still quite significant.
This is not great trading action and I'm move concerned about protecting capital than making new buys.