The dilemma of the current market action is that it isn't weak enough to offer interesting opportunities but it isn't strong enough to offer much upside.
The indices have minor losses this morning with breadth running about 2650 gainers to 4350 losers. There are about 80 stocks making new 12-month highs and 40 at 12-month lows. The leading group is precious metals which is due primarily to strength in the dollar. Bonds are stronger and that is part of the reason that the dollar is higher.
Other than gold and silver, there are no real pockets of strength. There are a few oversold bounces in names like Roku (ROKU) and Micron (MU) but if you are a momentum trader then you are likely having a very hard time finding very much of interest.
I have a high level of cash but I'm not going to deploy it out of boredom. I want to see technical setups that are working and showing at least some subtle signs of momentum.
My Stock of the Week is Snap (SNAP) which sprung a bull trap a couple weeks ago when the very aggressive sector rotation took place but it has regained its footing and it as at its highest point since August 9. I have a position and will look for entries as it holds its 50-day simple moving average which is at $16.13.
I see a few other stocks that I am interested in accumulation but they are just moving randomly at the moment and there is no rush to do much.
The worst markets for trading aren't those that are selling off aggressively. The worst markets are those that aren't doing anything like this one.