The markets continue to basically trade sideways to slightly down. SPX lost $5 to close at $1457 while RUT held up better, losing $1 to close at $875. Trading volume popped up a bit with 2.6 billion shares of the S&P 500 stocks trading; trading volume rose 4% on the NYSE and rose 2% on NASDAQ. VIX remains relatively low at 13.6%.

Perhaps the prospect of the debt ceiling debate and the ratings agencies waiting on the sidelines to down grade our bonds has traders a bit concerned. The earnings announcements in the next few weeks will also have an influence on this market, especially the guidance offered for the next quarter. For all those reasons, it isn't too surprising to see the market trudging sideways.

I have to cut this blog short this evening due to other commitments.