The theme of this market lately has been positive but extremely slow action. After a momentary blip caused by some European concerns at the open, the pattern is continuing today. Nothing negative really seems to matter to this market right now, but the slowness of the action and the propensity for randomness doesn't make it easy to trade.
Although it is generally good action, it causes quite a bit of frustration because there is so little movement that can be aggressively traded. I'm personally quite anxious to be doing more, but I just am not seeing the opportunities.
There was an article in the Wall Street Journal last night about how very narrow trading ranges are often an indication that a turn is coming. That makes sense from a psychological standpoint because tight ranges are a function of people being increasingly uncertain and not having strong feelings one way or the other.
It is difficult not to root for a bit more drama -- but rooting for the market to act in a certain way is not a very profitable trading style. At the moment, there is little choice but to stay with the trend to the upside regardless of how slow moving it might be.
