Markets continue their grind higher, but not without a few interesting signs. Right now we’ve got the SPY up 0.3%, QQQ up 0.6%, DIA up 0.15%, and the IWM up 0.21%. That seems pretty typical for a Monday.
But then you have bonds up nearly half a percent, along with gold up a third of a percent. Yes, the VIX is down almost a full percent. Yet, the safety trades’ continual strength gives me some pause.
Looks like Wall Street is not entirely sure what to make of it all yet. There seems to still be this underlying anxiety in the markets. That comes from the VIX over 20% higher than it was a few weeks ago, and yet we’re at higher market levels.
For now, it seems tech savvy traders are taking the wait and see approach on the broader market. Instead, traders should be focused on momentum stocks, and ones I feel I’ve got a good beat on.