After experiencing big swings in the market from late May through late June, volatility has quickly come back down to earth this month. Not only has the VIX moved back down to its lows for the year, but the pace of "all or nothing" days has quickly dried up. We consider "all or nothing" days in the market to be days where the net daily A/D reading in the S&P 500 exceeds plus or minus 400.
From 5/31 through 6/20, the S&P 500 saw six all or nothing days over a period of fifteen trading days, but in the 21 trading days since then there has only been one. Year to date, there have now been a total of thirteen all or nothing days, which works out to 23 on an annualized basis. At this rate, 2013 would be the lowest annual total for "all or nothing" days since 2006.