Today I see the pattern I saw several times in the last year: bad stocks go up, good stocks go down, the overall environment is suspicious.
I think it means that some players are giving up and close their short positions on stocks they (properly) consider “bad” and to maintain the same market bias they also have to sell some of the longs positions as well. In my previous experience the opposite trade was always profitable.
Check yourself, scan your favorite list of “good” and “bad” stocks and verify that everything is upside-down.
Overall it means money are just leaving the market and at some time later that will show up as another step down. Connecting with my previous post that broker-dealers show no interest to borrow from the Feds it seems that the capital is either disappearing or moving away from the market. Or both