The indices haven't made much progress for a few days now but they have not succumbed to numerous calls for downside. It is healthy that stocks and indices are consolidating but it would be quicker and more effective if they worked off overbought tendencies by pulling back a bit rather than just churning.
I'm seeing some downside in some of my favorite names this morning which looks more like sloppy action rather than a change in market character but it prevents a dilemma if you don't want to be shaken out of 'good' names.
My methodology is to move incrementally which means taking partial profits into strength and buying partial positions on weakness. I've taken some gains lately but am not ready yet to do much rebuying.
The 'easy' thing for the market to do is pullback a bit to appease the long-suffering bears and give underinvested bulls a chance to put some more cash to work, but as we all know, the market seldom likes to do what is easy, sensible and logical. We have to appreciate that just because we think something is a good idea, it doesn't mean that market will act that way.
I haven't been doing too much this morning but I did put on a little index short in the form of ProShares UltraPro Short S&P500 (SPXU) and am biding my time before jumping on some pullbacks. My Stock of the Week, HyreCar (HYRE) is bouncing nicely after a pullback yesterday as anticipation of the Lyft and Uber IPOs continue to build.