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While governments in the countries across the Atlantic reach impasse after impasse in their meetings, the market here in the U.S. is not doing too much this afternoon. We opened sharply higher this morning, but saw that faded in short order. The S&P 500 dipped slightly back into the top end of that multi-month trading range, from roughly 1120 up through 1220/1230. The Nasdaq is also putting in plenty of sideways work at the top end of its range, as you might expect. Energy and financials are two of the more impressive areas of the market today, showing good relative strength. I am still on watch for continued breakouts in the precious metals and miners, although they are a bit sluggish right now. All in all, it is turning out to be a rather dull session. The good news for bulls is that boring is more likely to be constructive than slipping down from the top end of the range in a wild manner.
The uncertainty out of Europe is being argued as a main reason why the market cannot sustain any type of move higher, but I am seeing improved price action and technicals on many charts. The key, as it has been for all of 2011, has been to remain nimble and not get married to any one thesis. For now, though, I am going to respect the fact that the bulls still hold the advantage after the run we have seen for most of this month.
