There's a lot to like about this market…
It's technically strong, and leadership among the sectors hasn't changed. This is good.
The Nasdaq Composite and Russell 2000 indexes are out above their 200-day moving averages as of Friday; all four of the major indexes are back above this key trend line. The CBOE Volatility Index (VIX) has settled below the critical 15-point level and was last seen headed south. I'm lovin' it.
And of course, more than 80% of the S&P 500 has reported earnings. Seventy percent of 'em beat earnings expectations, and 60% trounced revenue expectations. Phenomenal.
Finally, a raft of weak-ish economic data had traders taking some profit off the table last week, which, in conjunction with a sagging VIX, suggests we're done with the selling for the time being.
The trend is your friend, I always like to say, and the trend is "up."
But we still have to make it past the China trade deal – or lack thereof.