Good Morning, Traders. Its almost as if each day is a repeat of the prior, over and over and over. If I have to say "sit on hands" one more time in the Professional Traders Squawkbox, I am going to scream. Sideways again yesterday after a slight gap up which did not hold more than 45 minutes before fading back into Friday's range. The chart above of the Nasdaq Composite drives the point home beautifully. Notice how yesterday's action created a doji candle on the dailies, indicative of an open and close at equal levels. As annotated above, the 20 and 50 ma's are completely sideways and both are currently resisting price action just above them. In Friday morning's commentary, we discussed the current state of the broad averages being about 50% between highs and lows for the year. Obviously the Nasdaq fits in that range and yesterday did little to change it. Enough said. All major averages closed at the flatline with the Dow losing a hair, and the S&P and Nasdaq gaining about the same. Bias is firmly sideways for the momement. And yes....sideways is a legitimate bias. Preserve your capital until some momentum gets into this market. Retail sales figures coming out this morning, lets see if they can get this beast moving a bit.

Peter Reznicek is Chief Equity Strategist for ShadowTrader.net a subsidiary of thinkorswim, and a Principal of the Prana Fund, a hedge fund.  Mr. Reznicek can be reached at preznicek@shadowtrader.net.