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Tight Range Waning Conviction
The market has become something of a rudderless ship, trading in a very tight range, with impressive resolve whenever the Dow creeps near 20,600 but no catalyst to spark a breakout beyond the buy-on-dips crowd. There are two camps that are ping-ponging the market back and forth, sellers into rallies and buyers on small declines.
As of this very moment, all the S&P 500 sectors are higher, lead mainly by energy which is enjoying a strong follow from last week’s rally. The most compelling niche of the market is brick and mortar retail, which also rebounded last week. I’m not sure if the action in Nordstrom’s and Kohl’s are plain old bottom-fishing or true value on investors accumulating positions.
I believe brick and mortar is oversold, and getting in ahead of fundamental evidence and execution is still a high risk position.
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