The trading range action continues. Today was the bulls' chance to bounce us after a couple days of fairly aggressive selling. A pullback in oil provided a convenient excuse, and when we didn't fizzle right away, that caused some more buyers to inch back in.
If you have watched this market at all over the past two years, you know how we can bounce on low volume and keep on running. However, this time it isn't likely to be quite as easy. The oil issue is far from resolved, as there is plenty of uncertainty in the Middle East.