Markets that are trending higher, have strong breadth and making all-time highs sound exciting but this one is putting many market players to sleep. There is no question the action is positive but it is slow and dull and doesn't seem to be generating much emotion.
The bears sneer at this kind of action and call it complacent and unduly positive, and the bulls don't seem very excited about it either. While it makes sense to stick with the trend and ignore that negative arguments, it would be much more interesting if there was some greed or fear rather than indifference.
I discussed earlier my inclination to take some profits into this strength but I can't help but wonder if I'm driven to do that to some extent by boredom. Since there isn't a whole lot I want to buy, I end up doing some selling just to be doing someth
Earnings from Alphabet (GOOGL) are hitting and the initial reaction to the numbers is negative. Earnings per share beat but revenues were light. The stock is down roughly 5% on the news. We'll see how that develops as the details are digested but so far its looking like "sell the news" action.
Tusday, the Big Kahuna, Apple (AAPL) reports results. This is probably the most anticipated report of the quarter and will wrap up most of the major earnings for the quarter. There are still hundreds of smaller-cap names that have yet to report but the big market-moving names will be finished and that changes the nature of the market a bit.
I admit I'm rooting for some downside simply to make the market more interesting. There is nothing wrong with the action at all other than its slow and boring. A poor reaction to Alphabet may liven things up, although many buy and hold investors won't be too happy about it.
Have a good evening. I'll see you Tuesday.