S&P 500 is sitting near 15 month highs, but why doesn't it feel that way? We have continued the slow drift higher that began (again) in November, but outside of that little has changed: still no pickup in volume or volatility.
This is a source of annoyance to professional traders: they trade stocks, not sit on them.
A survey of active traders this morning turned up the following comments most often:
1) no pickup in volume or volatility.
2) economic news choppy, but EPS estimates still rising
3) still no retail stock mutual fund inflows
4) major funds relatively inactive on long and short side
Hoping for direction from Intel? Maybe, but good news is already priced in: it's up 3 percent this week, while most semis have been down.
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