The dollar is up. Oil and copper are up. Gold and silver are up. Bonds are up.
Yesterday the market was weak early and strong late and ended up the day with across-the-board losses. The large-cap indexes dropped fractionally while the small caps fell > 1%. Today will start with a sizable gap down.
As I stated yesterday…
Overall the market is getting less and less interesting…and then you look at the indexes realize they’ve been range bound for a while. And the ranges aren’t very big, so we’re not getting smooth up and down movement. Instead we’re getting herky jerky grinding movement where mini trends either don’t exit or don’t last. Of course the market is uninteresting.
Financials, which did great after the election, are unchanged going back to mid-December.
Healthcare, which broke out and ran hard in February, is unchanged over the last month.
Gold is unchanged since early-January…and since mid-November…and since early-October.
Energy is almost unchanged since the early-February lows…and since mid-November…and since mid-October…and since early-September and mid-August.
Mean reversion traders are in heavan. The market is trending overall but mean reverting in the near term.
Don’t force things. Despite the overall trend, not much looks very interesting.