Although the market continues to act fairly well, it is tough slogging for traders. There just isn't much strong movement in either direction. The bears are doing a little better today as Apple (AAPL) struggles. There are concerns that it won't do a special dividend before the end of the year like so many other companies have been doing.
Breadth has slipped into negative territory after a good start, but if you are looking for pockets of momentum, you won't find much. There is no leadership to speak of and when something like Toll Brothers (TOL) or Qihoo 360 (QIHU) moves, they don't gain much momentum. A few defensive names, such as Wal-Mart (WMT), and some pharmaceuticals are perking up, which may not be a good sign.
I haven't had much action going lately and I'm a bit wary about pushing too hard and trying to force something. Sometimes the setups and action just aren't there, and there isn't much to do about it but stay patient and keep looking.
The bears are saying it's time to press the dark side, and you can certainly see setups in that direction. Just play it tight and be ready for news headlines to jerk things around.