Presently, the 20 day ATR of the Spider, a good proxy for the S&P 500, and ,in my opinion a more relaible indicator than the VIX, is the tightest since Halloween 2007. Sooner or later we're going to get a move kiddies. Direction remains to be seen. My own pet advance/decline oscillator is over-bought, but............ it may indeed be surbordinate to seasonality i.e. year end posturing and/or fresh cash coming in at the first of the year. Wall Street's aggregate funk shun is selling paper not buying it back. "They" devote efforts 24/7 to that process, and more or less is why we have CNBC. In turn, institutions, like lemmings, gobble up the paper. Joe sixpack STILL isn't in. When he comes to realize his lost decade as a passive participant, he becomes easier to compel. Attached is a crude (not to be confused with oil) spreadsheet depiction since Halloween '07 with ATR expressed as a percentage of the prevailing close. Oh........oh, this is the first thread I've initiated in a half decade. Ho ho ho, consider it a gift.