Meisler: This Market's Gone Nowhere

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The sentiment is the oddest part of this whole market. We've seen folks get giddy one day and downright depressed the very next day. Just look at last week -- the market did an up, down, up, down move. Each time we were down, folks loaded up on puts, and each time we were up they loaded up on calls.

Sentiment on Monday morning was so dreary I couldn't believe it. I even asked what it was that had turned everyone so bearish so quickly. But then came the down open -- barely down at that -- and the total and absolute lack of selling. It simply dried up, and it did so right at the neckline of the head-and-shoulders top as well as the 200-day moving average line. ...