The major indices have climbed off early lows, but there aren’t any signs of upside conviction. Utilities are the best performing sector, which means lots of cash is seeking a safe haven. However, it’s better than seeking the sidelines completely. 

The fact the market climbed off the canvass with such ease makes some folks worried, but it makes me feel better.  I think a lot of stocks are oversold as the reaction to slight misses or guidance have been excessive.

There is no irrational exuberance, but investors are wisely concerned about those D.C. follies, which look more like Vaudeville every day.

For now, market breadth is revealing more losers than winners, which belies the green on the screen. 

Let’s keep our powder dry.