If you've been trading this market for the past 10 days, it has been one of the most boring markets ever -- and with no holiday to break things up in sight.
Maybe investors are jetting out to the Hamptons for one last fling before shipping the kids off to boarding school.
Meanwhile, I'm stuck at my desk waiting for my son's public school to start (yeah, I live life on the edge).
When SPX closed up on Thursday, we notched 11 consecutive days of it trading in an up-down-up-down fashion. And that doesn't frequently happen -- just 10 other times since the 1920s. Ironically, it did occur last Winter when, between November 11 and December 2, it did so for 13 straight trading sessions.
What was the end result?
It was the calm before the storm that jump started the massive sell-off in December that lasted through early February.
And lets not kid ourselves -- oil keeps dropping fast. At some point, if it continues to sell-off, the market won't be able to ignore it and the big oil companies will see their price start accelerating to the downside, which will obviously kill the current rally.
So be aware, watch how this up/down nonsense resolves itself and be prepared for what oil might do to this market's future direction.
