Wall Street is full of wonderful sayings. In addition to "The trend is your friend", don’t forget "Never sell a dull market".
With the DJIA giving up 18 points, the SPX retreating 5 points and the NASDAQ lower by 8, the dull market was right on. Option volume was decent but stock volume was light. After being up for three days the market was probably due for a breather. The VIX gave up 0.46, closing at 20.15.
So what is the trend? Right now it might be sideways. Technicians are watching the 50-day moving average in the SPX SPX closed about 7 points below the moving average. Libya, the center of market attention last week, isn’t giving bulls or bears anything to trade on. One of the damaged reactors in Japan was said to have power restored, but once again what does that mean?
So maybe the trend will be neutral for the near-term.