It looks like the ever-lasting trading ranges on the indices might finally be resolved. The Dow and SOX launched out of their ranges to notch new 52-week highs. Meanwhile the S&P 500 and NASDAQ are approaching the upper bounds of their ranges. About the only thing lacking today was volume, which was below average. I'd expect a move like the Dow had to come on explosive volume, but it is the middle of August... So the question now is will these moves have any follow-through. I should also point out that the VIX got crushed today and closed at levels not seen since April 2002. The VXN got hit even worse today and is now at 1998(!) levels.
Update: I just got emailed this article, Dow Breakout Might Not Mushroom, which makes some excellent points about this current move. (thanks Duru)
