After a low-volume, three-day bounce, the market trapped a few bulls with a poor open this morning. It was able to stabilize for a while, but the Europeans failed to offer any real solutions to its sovereign debt issues and it pulled back again. For some reason, or maybe it was just the machines, there was some dip-buying interest, which moved the market back up again but it didn't close with any great energy.
We saw some strength today in WMT and HD, which helped the retail sector, but big-cap technology acted quite poorly. There really hasn't been any sector that is doing anything notable other than precious metals. Everything is pretty much moving in lockstep which isn't very interesting if you like to pick stocks rather than trade headlines.
This is the peak time for summer vacations and that is clearly having an impact on the action. There doesn't seem to be much desire to make big moves and that is allowing the computers to push the action around even more than usual.