Traders Are Cleaning Out Their Portfolios

The gap-up open was quickly sold, as market players seem more interested in cleaning out their portfolios so they can start fresh in 2017, rather than starting new positions. Breadth is running about 2,600 to 3,800 negative, and we only have about 100 stocks hitting new 12-month highs today.There is weak action in the big-cap FANG names, and there isn’t much going on as far as themes.