The indices are slightly positive with the Nasdaq 100 ETF (QQQ) leading, breadth is close to even, and trading is sloppy. Sometimes strong pockets of momentum stand out in flattish markets, but that is not the case today. There aren't many big movers and no major themes that are gaining traction.
The market needs to reset periodically and today is looking like on one of those days when there is just some random ebb and flow. There are around 20 stocks making new 12-month highs and about 20 making new 12-month lows which is a pretty good illustration of the fact that stocks are in the middle of a trading range.
I've been a net seller so far primarily because I'm not seeing much new to buy. Nautilus (NLS) , which I discussed yesterday, is pulling back on news that Amazon (AMZN) is marketing a bike to compete with Peloton (PTON) . I don't expect this to hurt NLS as much as PTON, and will be looking for additional entry points as it finds support.
This is very listless action right now and it is easy to force trades especially since we had such good stock picking recently. It has been a rather abrupt shift from feast to famine but our job is to adapt and to not trade just for the sake of trading.
I'm still optimistic about some good trading developing but today is not the day to push too hard.