Oil dropped again, which is overall good news. But that didn't stop United from announcing it is cutting staff and planes.In addition, for the second day in a row Bernanke stated inflation was too high although he doesn't expect an out of control 1970s style situation large because wages are falling, not rising. In other news, AMBAC and MBIA's ratings might be cut in the near future (which should have been done long ago). Finally, the service sector expanded for the second straight month.
Onto the chart.
Since May 22 (the day Mr. and Mr$. Bonddad bought their house), the market has been moving between (roughly) 137 and 140. There is no clear trend in either direction. Simply put, traders are waiting for something to happen, but aren't sure what they are looking for.
The QQQQs rallied all last week, but dropped at the beginning of this week and have since rallied back a bit while also consolidating in a pennant formation.
The IWMs are looking for direction as well, much like the SPYs.
Simply put, there isn't enough news in either direction to push the market one way or the other right now.
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