SHRINKING RANGES

A brutally boring day in the market as the DJIA closed +5, NAZ +8 and the SPX +3.77.

Not much more needs to be said as the oils, metals semis, internets and tech led the way higher while gaming, biotech, homies, airlines, trannies and retail brought up the rear.

Market internals were strong most of the day but the markets refused to put on any kind of rally.

Winners included EP BHI INTC SLB CVX TXN and COP while losers were DOW HPQ TGT EMC CSC and WMT.

Obviously, the 2 day RSI numbers remain above 95 and now its about 5 days in a row while the VIX/VXO again dripped lower by about 3% or 4% and now trade about 5% below their respective 10 day SMA's.

The other news is that the daily ranges have shrunk and the SPX range today was no different as it was again about 5 points. And we all know that won't last so a big move probably coming one way or the other.