After a surprisingly strong gap-up open that topped about 1 1/2 hours into trading, the indices sold off steadily before finding their footing in the final hour and regaining some ground.
The midday action was not impressive and the Big Kahuna, Apple (AAPL) looked particularly lackluster.
Breadth was very good with about 5,000 gainers to 2,200 decliners and there were around 240 new highs to just 70 new lows. When breadth is strong that usually indicates good strength from small-caps (iShares Russell 2000 ETF (IWM) ) and that was the case Tuesday.
Technology names led the way and it was helpful that financials (Financial Select Sector SPDR ETF (XLF) ) finally bounced after selling off for the last five trading sessions. FAANG names lagged, with Netflix (NFLX) and Apple acting as if market players don't like the idea of a battle between the two over content.
Surprisingly, we haven't heard anything about U.S.-China trade this week but there should be some chatter as negotiations commence later in the week. Also the Lyft IPO is scheduled to price on Thursday night and that will attract plenty of attention.
The action could have been better today but it was still a clear victory for the bulls. There are plenty of stocks to like and there seems to be a good amount of capital still looking for a place to go. You can make negative arguments all you want but the price action isn't bad at all.
Have a good evening. I'll see you Wednesday.
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