If you were quick on the trigger there was some good intraday trading to be had but if your time frame was longer than a day it was pretty meaningless action.
We had a good tradable bounce intraday, which faded into the close and left the indices slightly down on the day. Breadth was around flat, oil lead to the upside and some of the low PE industrial stocks showed some signs of life for a change.
As I've mentioned several times lately this market is being held hostage by the upcoming FOMC interest rate decision. Nothing much is going to happen, good or bad, until we have that news to consider. Soon after that earnings will start to roll in and that will be a catalyst for some action. Right now there just isnt any news to drive us so we have a lot of ultra-short term traders pushing things around.
If you don't play that game there isn't much to do other than sit and wait. Summer is here so get out there and enjoy it this weekend. Ill see you on Monday.
RevShark