Another flat day

Today makes 4 days in a row where the SPX has closed within a point (1215-1216). That's quite a bit of churning. You could debate the implications of this, by my experience is that when the churning takes place below resistance levels, it is usually resolved to the downside. We shall see.

As for the internals, I think energy masked the strenght in the NYSE, while the Nasdaq posted 482 net decliners. New highs barely edged out new lows (+9). The CBOE put/call ratio was neutral most of the day. Oil rallied late to finish above $66, and the 10-year yield eased to 4.26%.

Here is the list of stocks moving on above-average volume today:

• High-volume advancers: GMXR, GIFI, SWN, UNT, TIE, PD, THE, TS, RRC, FDG

• High-volume decliners: LPMA, FMD, STSA, DFG, AHL, WSSI, CELG, FORM, LIFC, TRB

long FDG