The primary comment I'm hearing from traders today is how edgeless the market is. These folks aren't bullish or bearish. They just want some action that they can play and they aren't finding much of interest. It is just too random and slow.
Technically we just don't have a very attractive setup for the long side, but we are holding up well, especially when you consider how poor the news flow is with the exception of the chatter about some sort of Fed action. In addition, it is very thin as many folks are enjoying the last couple of days of their summer vacations.
In this sort of environment I do what I call "dinking around," which is just small trades with short time frames. The goal is to rack up some small gains but stay flexible enough to move very fast should conditions start to change. I try to keep an open mind and not be overly bullish or bearish, but I can't help but be less than enthused when I consider how we are acting right now.
I have a few things on my radar that I want to trade more aggressively as they set up, such as gold miners and my stock of the week, VirnetX (VHC). But so far the action is just too lethargic to do much other than some token buys.
