An incredible lack of volatility this week, as the S&P 500 has stayed in a 11 point range the entire week: 1328 to 1339.  If not for the gap ups Wednesday and today, the market would be negative on the week but due to the overnight/premarket action we've essentially been stuck in quicksand.

S&P 500 intraday this week - click to enlarge

On the plus side, this is the first real consolidation after a big rally we've seen in over half a year - that is more normal action than the straight up action (90% of the time) or straight down (10% of the time) experienced since QE2 unleashed as a concept to market participants.   As always, the longer the sideways action the more powerful the ensuing move - either up or down.