Thursday's market mischief was entirely machine driven as programmers must have lower gap opens programmed to buy while any negative news from Europe is programmed to sell. Honestly I think it's that simple. The weekly charts so often posted here for the major indexes still have the lingering bearish H&S tops. But, they're quite long in the tooth now and are losing their validity if only because markets didn't crater. A trading range environment is all this pattern has yielded thus far. The Fed's policies of near zero interest rates and POMO have kept markets propped as investors have few investment choices except bonds, Apple and precious metals. Bonds with negligible yield aren't much more attractive than cash at the moment. But investors are a yield hungry group and prone to take risk taking on the notion they'll get their principal back eventually. This is a bad situation. Durable Goods and New Home Sales are on tap for Friday as we near the end of September. Let's see what happens. You can follow our pithy comments on twitter and become a fan of ETF Digest on facebook. Disclaimer: Among other issues the ETF Digest maintains positions in: IYR, GLD, DGP, SLV, AGQ, DBB, BDD, DBA, DAG & EEM.The charts and comments are only the author's view of market activity and aren't recommendations to buy or sell any security. Market sectors and related ETFs are selected based on his opinion as to their importance in providing the viewer a comprehensive summary of market conditions for the featured period. Chart annotations aren't predictive of any future market action rather they only demonstrate the author's opinion as to a range of possibilities going forward. More detailed information, including actionable alerts, are available to subscribers at www.etfdigest.com.