Although the action is a bit slow, the major indices continue to do an excellent job of holding near the highs of the year. Banks were the star of the show today, but the weaker dollar lent an assist and helped oil, gold and commodities to reverse after a couple days of weak action. Chips were strong early but fizzled late in the day, and big-cap technology was mixed with AMZN and AAPL in the red.
It is hard to find fault with a market that is holding up so well, but the complacency and the lack of energy in places are a little troubling. It is easy to find reasons to worry and be skeptical, but until there is poor price action to confirm a more pessimistic attitude, the best thing we can do is to focus on the upside opportunities that are still popping up, although with less regularity.
It isn't easy to navigate at this juncture, but the bulls are still in control and deserve the benefit of the doubt. There are a few negatives to consider, but nothing substantive enough to affect the price action.