The indexes started the day on a positive note and slowly climbed higher. What was most notable was the very mellow and complacent feel to the action. Other than a few stocks in the "security" sector, there was no indication at all that the market was concerned about the events of this past weekend. The market was in its own little world and all the drama that is being covered by the news is just an interesting sideshow.
Market players continue to wonder how much longer the market can ignore all the negative events that are so glaringly obvious, but the reaction seems to be that if the market doesn't care, then there is little choice but to join in and keep buying. It is an amazingly steady uptrend and seems counter to logic, but opportunistic market players are going to continue to buy until it stops working.
One question that many are pondering is what is a possible catalyst for a market reversal? News of riots, pandemics, a strained relationship with China, and economic destruction doesn't seem to matter, so perhaps it will be good news that finally brings the party to end. Unfortunately, even if that is a workable hypothesis, there is no way to time when that might occur.
While I would welcome some market downside, I don't plan on taking defensive action until I see some weakness. I'll be watching for intraday reversals and weak closes. Shorting or selling into strength has not been a workable strategy.
There is still plenty of good speculative action in secondary stocks and some of the momentum names like Ping Identity (PING) and Zscaler (ZS) look more like you'd expect in a roaring bull market rather than a time when we have major social-economic issues.
Focus on what is in front of you and leave the predictions to the psychics.
Have a good evening. I'll see you tomorrow.