Market players continue to look for warning signs that a top is forming but the price action refuses to relent. Even with recent leaders Apple (AAPL) and Tesla (TSLA) in the red, the indices are still positive and there are nearly 600 stocks at new 12-month highs.
Breadth is mixed with about 3950 gainers to 3200 decliners but aggressive stock pickers are confidently chasing the EV SPAC names again such as Tortoise Acquisition (SHLL) and Graf Industrials (GRAF) , both of which have been named Stock of the Week in the past. I added to another SPAC name in the 3D manufacturing sector today, Trine Acquisition (TRNE) .
While there are some strong pockets of trading there is weakness in biotechnology again and the cannabis sector is struggling again. There was some selling into early strength but dip buyers showed up. The action is choppier and the momentum is narrow but there still are no major warning signs that a turn is about to occur.
Don't forget that we have a long weekend coming up and as we enter the historically weak month of September there may be some positioning moves made as momentum wanes. What is important is to not let all the predictions of a market collapse push you to make emotional decisions. More money is lost worrying about crashes than is lost in crashes.