No volume, no breadth, no movement. I am amazed at how muted the reaction by this market is to QE. It speaks volumes to tired markets, exhausted traders and plenty of confusion. Plain and simple no one wants to be “the guy who sold the bottom” or “the guy who bought the top.” Which reminds me of the Jesse Livermore quote about being alone with the wolf pack (something like that).
People love the security of the group. What the group does, they will do. But to move the group you need someone to get things started. Bernanke tried that with QE but few seem willing to follow his lead. So we remain somewhat rangebound. And that creates a lot of frustration. Movement we can trade, analyze, implement a strategy. No movement is favored by few, such as delta neutral firms (those selling that position that is).
Not much else to report on today and I have a slightly different format so on that note.