The indices ended up mixed and breadth was slightly negative, but what was most interesting about today's market is how unworried everybody seemed. There just isn't any urgency to lock in profits, and the slight gap-down open to start the day was just another dip-buying opportunity.
The dollar weakened today after a big move last week, and that helped to make precious metals the leading group. That said, AAPL, FFIV, NFLX, DECK and the big-cap momentum plays were the main focus of the bulls. There was little notable action in the various sectors today.
AA kicks off earnings season tonight. The company reported a slight beat on earnings and a slight miss on revenue. Alcoa isn't an important stock, but it receives attention because it is always the first to report. Thursday night's report from INTC will be the first real market mover. In the meantime, I don't expect this market to do too much.
It is very impressive how well the market continues to hold up, but it is slowly becoming more mixed. There are still some good upside movers, but the list is getting shorter. The market still isn't doing anything wrong, but traders definitely have to be very vigilant and make sure they don't give back gains. We need to be mentally prepared for the fact that things can change very quickly once earnings reports start to roll out.
long INTC
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