The market continues to thrash around. We’ve just completed the sixth day of bouncing around in the same tight range. This may be fun for some good day traders, but it’s boring me to tears. I still think the resolution of this trading range will be downward. The May highs seem like a logical place for the market to attempt a bounce. Maybe now that all the quarter-end mark-up games are over we’ll see what the market really wants to do.
I would think we need more earnings news for the market to finally make up its mind. The action lately strikes me as being very confused and non-committal. The action to end the biggest quarter since 1998 exemplifies traders/investors relieved to finally hold onto some nice gains. It *should* take real good news (as opposed to hopeful news) to get the buying spree going again.