The three indexes; DJI, SP500, and NQ100 have been choppy and inhabited by the transactioanal faction. The trading entities designed to travel over the least amount of range while over trading for transactional purposes. It is always a sign of both bull and bear frustration in not being unable to attain their directional rewards. If the price will not travel a distance, then it is in the best interests of some to participate heavily in minute (high frequency) trading opportunities. The CME Group appreciates anything over done on the volume end.
Any chance to establish a powerful reason for trend has been utilized by the bulls and bears with
even greater vigor this year. The bulls have had claim to a long term trend while the bears have been armed with the complete incompetence of banking and brokerage in the sub-prime fiasco. Not to mention the current high prices of commodities and a weak dollar. But when looking at the market since the close of the last millennium, here are the numbers; DJI +5.5%, SP500 spot futures -8.9%, and NQ100 spot futures -47.6%. Nearly a decade of little change, (not counting .com idiots). For the bulls it is sobering lesson in hype. For the bears it is a warning about beating a dead horse.
