We're in the Midst of the Summer Doldrums

For the third day in a row a narrow-trading-range day ended on a sour note. Breadth was quite good at times and there were pockets of momentum but the indices were stuck in glue and there seems to be some late sell programs at work.   The conventional wisdom has always been that "dumb money" acts in the first hour and "smart money" acts in the last hour. In the Age of Algorithms that is no longer true to any great degree but the weak closes are a change in market character and are not a positive.   While the market continues to be slow and choppy, the good news is that the indices are holding and are no longer extended. It is healthy to trade in a flat range and that lends support to the potential for another leg up. Unfortunately we are in the midst of the summer doldrums and this dull action could continue for a while.   There are some individual stocks working but opportunities are limited. That is the nature of the market at times and it is best to just accept the fact that it isn't a very interesting market right now. That can change quickly and we need to be vigilant. Opportunities may arise and we can't let the market lull us to sleep while we wait.   Have a good evening. I'll see you tomorrow.
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