Following up yesterday’s stalling action, the market fell in light turnover. Earnings continue to pour in with YELP having a big move to the upside. MYGN on the other hand was decimated after disappointing the street. Selling seemed to be well-contained and did not accelerate. At this point any selling we see should be well contained. Tight action is needed. As long as the price action continues to stay positive overall, while we pullback, there is no reason we cannot keep hitting new highs.

Crude oil continues to struggle as of late. Its most recent bounce is now running into resistance and appears the commodity will be retesting its 200 day. Energy names were a big drag on the market today, but with the sector making up very little of major market indexes the damage was well-contained. DIS helped the Dow shake off Energy’s weakness after it reported earnings. Many will try and pick up Energy names on the cheap. Have a plan and execute, but don’t go in a name just because you think it is cheap. Price signals should confirm direction.

Given the VIX sports a 12 handle and intraday volatility continuing to be non-existent there just isn’t a lot to get excited over. Keep cutting your losses quick when wrong and let those profits run when right.