The one great certainty about the stock market is that it will go through cycles. Not just cycles of positive and negative action, but cycles where the character of the action shifts.
Sometimes value stocks or momentum plays work. Sometimes it is about the indices or stock-picking. Over time the various cycles always repeat to some degree.
I bring up the issue of cycles because Monday is one of those days where there is very little trading action of interest. Some folks will disagree but the action isn't good enough to offer much and not bad enough to be interesting. We are stuck in a middle area with limited movement in either direction.
One reason for the dismal trading is that it is thinner due to the Veterans Day holiday. Many market participants are wondering why the market is even open on a national holiday, but action like today's is just part of the natural market cycle. It is the nature of the beast.
Periods like we are having now create the psychological foundation for the next market move. We don't know what that might be but you can be sure that the emotions that are developing now will help to drive what happens next. That is how cycles work.
Like many others, I'm doing little other than complaining about the action. I find myself rooting for more downside because that would help to speed up the process of producing better trading action.
If you are feeling a bit frustrated today just remember it is part of the never-ending cycle. We can be confident that it will eventually change.