Absolutely no gusto in this market at all
The market tried to make new all-time highs today, but the level of interest by the bulls to push this market higher has been very lackluster today. And inherently that is the problem with getting long on this market, despite it being the only choice traders have at this point.
It takes a sell-off, and these days they are only 1-2% at most, to get any buying surge, but all it tends to do is take it up to the previous all-time highs and break slightly above them, before giving up and repeating the process again.
So far, SPX is flat today, and if you assume the market will finish higher on the day, then you have a market that has finished higher 6 of the lat 7 days, but all that really represents is recovering the losses the followed in late June and early July. That’s it! Nothing more.
While people might be getting all crazy about the market finishing Friday at all-time highs, it is doing it by just a smidge and then the bulls lose all interest again. In fact SPY is on pace for the lowest volume day of the year since Christmas Eve of 2012, which was also a half day of trading. Essentially the market isn’t finding any new buyers, while the sellers don’t want to let go of what they got either.
With all that said, here’s this week list of stocks to watch as possible long trades as I do each week, and find those trading opportunities that best suit your trading strategy.
Here’s the bullish watchlist:
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