AMZN is representative of this market. Some stocks like AMZN and FB are making surprising moves higher, but others are lethargic or being pummeled after a mediocre earnings announcement. But AMZN's influence was the key today. SPX closed today at $2084, up $26. RUT followed with an increase of $11, closing at $1129. VIX fell a point to 13.6%. Trading volume fell off a bit with 2.1 billion shares of the S&P 500 trading. Trading volume declined 5% on the NYSE, but rose 9% on NASDAQ.
As I look at SPX's chart, I have to wonder if we aren't locked in a sideways channel from about $2040 to $2110. Maybe the bulls and bears are at stalemate.
I'm at the Money Show in Las Vegas. It has been great to see many of my friends and clients. The program has been first class. I'm glad to say that my talk was full with people standing all around the room. But I need to get back to the meeting.