Its the same song and dance routine. The market is at an area where investors just don't know.
consolidation. (Unfortunately for me, Oil related equities are acting like the industrials, and seeing a much heavier market reaction, despite the commodity acting fairly well throughout the day.)
From the above chart an argument can be made that there is a bearish breath within within today's market. This is further confirmed by the strength in the defensive stocks.
On the flip side, the 10yr yield looks interesting. It so desperately wants to breakout.
At current levels, prudence maybe merited.
Despite the prudence, I really want to maintain my bullishness. The market has done nothing for a year, while earnings has risen.