Intraday Dullness

This is quite unusual for the market to be this dull after dropping 60 SPX points in 3 trading days.  It's eerily quiet despite the S&P losing most of February's gains in a few days.  This is quite different than the down days in January, when you had a lot more intraday volatility.  Those led to quick reversals which themselves led to reversals.  This feels completely different, almost as if there aren't many dip buyers left to come in to support this market.  Perhaps there have been so many dips over the past 3 months, that the dip buyers are worn out.  They have had plenty of chances to buy stocks.

Gut tells me that perhaps it will be the dip sellers who actually are making the right decision selling this time around.  I am not putting any money behind the idea, as I have no S&P position, but I am very cautious about getting long this market.  Let's not forget that the theme of QE supporting the stock market is no longer valid, as the Fed is now clearly in a tightening mood, or at least a non market supportive mood.  The ECB bond buying helps Europe, but it doesn't help the US, it probably helps Treasuries a lot more than it helps US stocks.

Be careful trying to buy this dip, I am only willing to buy panicky dips, this just doesn't feel that way at all.