It's been a fairly directionless day on Wall Street thus far. With market participants working off eggnog hangovers and trading desks half staffed, at best, volume is light.

For many, this quiet is a welcome relief from the relentless selling that has hammered the major stock market indices all through this last quarter of the year.

"We'll probably drift a little higher," said Todd Clark, head of listed trading at

W.R. Hambrecht

. "I don't think that any of the malaise we've seen is going away. We're just going to get a little bit of respite over the next couple of days, due to seasonals and an oversold condition."

The

Dow Jones Industrial Average has spent the morning hugging the flatline, but lately was moving higher. The broader

S&P 500 was up, while the tech-tumescent

Nasdaq Composite was lower -- after gaining 7% on Friday.

TheStreet.com Internet Sector

index, or

DOT1.3%, its second day of gains in a row. The DOT was getting lots of help from

Yahoo!

(YHOO)

, which this morning reported that its shopping channel showed "strong results" during the holiday season. Yahoo! was lately up 9.9% to $32.50.

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Bonds/Economy

Treasury notes and bonds are trading lower on very light activity as the market reacts to movement in the stock market. With no major economic data due this week, bond traders will probably keep their eyes on the

S&P futures index and stocks.

Yields are slightly up for both the shorter and longer-term maturities. The benchmark 10-year

Treasury note lately was down 4/32 at 105 13/32, moving its yield higher to 5.032%.

There will be no economic reports released today.

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