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Ground Hog Day

Today's market action looks much like the prior two session. The major stock indexes have declined at the open only to rally back into positive territory. The volume has once again been extremely light as the SPDR S&P 500 ETF(NYSE:SPY) trading just 118 million shares as of 3:00 pm EST. As I mentioned yesterday the light volume will often favor the upside for the stock market indexes. Hence, the old market adage, "never short a dull market". This market cannot get more dull than this unless it was closed.

The SPY has been in a 0.50 cent trading range since 10:00 am this morning. On days such as today is is very important to only trade the best intra-day chart setups and nothing else. Many amateur traders will get itchy fingers and feel that they need to be in a trade at all times. Cash is a position too, especially during options expiration week when the institutions will play a lot of games with the small retail trader.