DULL

Other than a couple of stories in German papers and some verbal jousting before the ECB's announcement tomorrow, I'm shocked and saddened to see what appears to be the "Summer Doldrums" upon us. I think the last time I remember the summer doldrums was believe it or not, 2008.

I hope they haven't returned because they are actually quit depressing for a trader.

I think more realistically is a wait and see approach ahead of the ECB tomorrow, but even for such a big event, the news flow and sewing circle was even dull today.

The market sums it up the best.

 Don't even mind the bearish triangle, I have a feeling it's more waiting than anything.

 Today's triangle appears to be the same, no one wants to do anything in front of the ECB decision.

 Even 3C charts were extremely boring today, not many good signals anywhere which tells me the charts are probably right, the signals are so weak or not even there simply because institutional money wasn't doing anything big today.
1-min

 SPY 2 min-nothing worth reporting...

 SPY 3 min, we did have yesterday's late a.m. positive divergence, we do have a negative, but I wouldn't make any moves based on that.

 Same on the 5 min

 To see any real movement we have to get away from this week on a 60 min chart and that to me is an exciting chart.

 ES was flat, it looked like it might do something for a bit and then gave it up.

 NASDAQ futures overnight were nearly perfectly in line with price, no plotting or scheming.

 During the day, pretty close to the same.

 The 5 min chart is a bit more exciting...

As is the 60 min, but beyond that, just DULL.

Commodities were not performing well for the second day in a row, but on an intraday basis they didn't move much from the SPX. HYG Credit was boring as well, a little bit of a sell-off late day, but not worth capturing the chart. Junk Credit didn't do anything, the Euro  was around resistance, but it looked a lot like the legacy arbitrage algos were turned on again; yields were flat as well.

Sector rotation was moot and averaging the averages, we didn't see much more than a tenth of a percent in any direction.

This isn't the time to get lazy, it's actually the time to look for anything that stood out and I'll be running some scans to save myself the agony of flipping through 1 boring chart after the next. The Good news though, tomorrow should heat up with the ECB.