It was another light action day. Yesterday there maybe was a hint that some traders may come back and trade this holiday week, today it feels many of them went out shopping instead. Actually, we are kind of hoping more people shop and spend this holiday in order to preserve this recovery theme.
There's quite a few plays that are getting one or two percent moves. However, as long as the big boys don't move that much, we'll essentially get a flat close. This is literally what happened today. If you were sitting in front of the trading monitor and hoping for something to happen, you'd be just as disappointed as we did. Being disappointed for no action is definitely better than being disappointed for bad action. Given the status of this holiday week, we just shouldn't give too much thoughts into today's action, or next couple of days' action for that matter.
So far, the back and forth action we were hoping for turned out to be a mini version. Index is trading in a very tight range because there's not enough volume out there to push it deep in any direction. For DJIM, we simply have to sit tight and enjoy the holiday. When the break ends and real trading starts next week, it's going to get pretty hectic. So, enjoy the slow time while it lasts!