The indices traveled a good distance today but ended up going no place. It was one of the choppiest sessions in a while with a number of spikes in both directions, but at the end of the day the S&P 500 was virtually unchanged. The intraday range wasn't that big, but the sudden changes during the day made it feel particularly random.
Breadth was poor early in the day, but by the close it had moved almost to even. We had a fair amount of new 12-month highs, mostly in the biotechnology sector. The Medivation (MDVN) acquisition by Pfizer (PFE) caused some speculation among other stocks with cancer-treating drugs.
A few of the momentum names were active, but if you were in oils or commodity-related names, it was challenging. The stock picking wasn't quite as easy as it was a week ago.
Overall, there was no change at all in the indices. We are in the same trading range that has been in place for a couple of weeks. Since mid-July, we have been setting records for flatness. Luckily, the underlying action hasn't been nearly as lifeless as the indices. If you are a market timer, this market is particularly comatose, but at least there is still some action in individual socks to keep traders occupied.
With Fed Chair Janet Yellen not scheduled to speak until Friday, it is likely to be a slow week. We'll just have to keep looking for some good stock picks to keep us occupied.
Have a good evening. I'll see you tomorrow.