CHOP CHOP

The markets continue to meander in a tight range providing little activity for any day trading trend follower. If you are looking to trade the tight ranges on a fade, well that is working just fine as every rally is sold and every dip is bought.

The internals continue to hold with 900 more winners than losers with homies, small guys, techs, metals and oils now leading with drugs trannies and airlines the losers. The DIA pivot of 110.1 continues to provide resistance today for the markets in general, but if we can burst past it will turn into support. However, bursting past doesn't seem likely as the ES futures volume looks light and that is a pretty good tell that the chop will continue. And it will probably continue through the Fed report on Thursday, so you know.

INTC and MSFT are acting well as Jimmy Cramer gives them a boost on realmoney.com with 20 and 25 new price targets for them. Of course at the beginning of the year he had $31 and $32 price targets.