The market was pretty much directionless for most of the day. There was a little bit of buying late in the session but I’d characterize today’s action as low volume drift. Here’s an intraday chart of the QQQQ over the last few days.
You can see how flat it’s been for most of the last three boring sessions. I don’t plan on doing much until that trading range is broken.
Here are the charts of the Nasdaq and S&P 500:
Trend Table
No changes
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Up | Up | Up |
| Intermediate | Up | Up | Up |
| Short-term | Up | Up | Up |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
Drift? Boring session? Today was one of the nicest days I’ve had in awhile. The major averages may not have moved much, but just about anything energy related was on fire, as were scores of leading stocks. ICE, GOOG, ISRG, FWLT, NYX, AAPL, BIDU, FMCN, RIMM, OXY, OII, XTO, etc. and many more all enjoyed big moves on solid volume. I’ll take a session like today’s anytime! Cheers.