Sleepy volume on Monday led to a narrow ranging, apathetic session. I think TraderMike put it best in saying that he has “always been wary of an instrument approaching old highs on declining volume, and that’s exactly what the Nasdaq and S&P 500 are doing now.” Maybe the impetus for new highs will be an extension of the Bush-era tax cuts? Gosh it sure seems like that is a foregone conclusion. I wonder about permanent unemployment benefits? No wait –we already have that, in the form of welfare.

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