MARKET UPDATE

There's not a lot to report; thus far today it's been pretty quiet with the market trading fairly neutral and a bit mixed with the Russell 2k up about half a percent, the NASDAQ 100 down about a 1/4 of a percent and the SPY and Dow at .11% and .22% respectively.

Most averages have lost upside momentum and the predominant intraday theme is a triangle price pattern as seen below in the SPY.

Interestingly, the submitted/accepted ratio of today's POMO came in a bit low so that leaves Primary Dealers with some extra funding that usually makes its way into the market, that may be why the Russ 2k is a bit higher then the others as that seems to be their first choice.

The intraday price triangle is very obvious and I'd expect some volatility around it today. Other then that, even the TICK Index has been confined to a narrow range.

One thing I'm pretty sure of is the quiet won't last for long one way or the other.