The indices are trading mixed, breadth is almost dead even, and there are very few pockets of solid momentum Wednesday morning.
The market's biggest problem in recent weeks has been a lack of energy. There were a couple of days when things have come to life, but it has fizzled out quickly. This isn't lousy action, but it isn't very good either.
A solid response to earnings from Alphabet (GOOGL) is the most significant positive, but there aren't many big-cap movers. Advanced Micro Devices (AMD) looked good out of the gate but has given back most of its gains.
We have the Fed coming up this afternoon, Apple (AAPL) and Facebook (FB) with earnings tonight, and a speech by President Biden. All of those events are potential catalysts and probably are keeping some money on the sidelines for now.
My biggest concern is the inability of individual stock-picking to generate sustained interest. There are plenty of good stocks with solid prospects and technical support, but they cannot get moving. It is very easy to find yourself stuck in a "good" stock that just isn't doing anything right now.
I'm not making any significant moves right now but continue to run through my scans looking for better energy and momentum. The small-caps are in good shape technically for some upside, but so far, it isn't developing.