Are we there yet?
The average volume trading on SPY, the S&P ETF is 100M shares per day yet this month, the average has been 70M so about 30% less trading than "usual", which was very slow to begin with (down 25% from last year). A lot of times, if you are day-trading and you feel like you're the only one in a position – you are probably right!
As you can see from the above chart, when you see these kind of toppy, sloppy patterns – it's best just not to trade and wise traders go to CASH!!! (have I mentioned how much I like CASH!!! lately?) and wait PATIENTLY for conditions to improve. If that chart looks familiar to you – just check out what the S&P 500 Futures (/ES) have been doing for the past few weeks:
That is what they call a "textbook" example of a market that is not good to trade. That's why we stopped making calls in our morning posts after a fantastic first week of the year: A) We didn't want to ruin our perfect record and B) There were no longer any very obvious trades to call. We did, however, call oil short at $54 on the 6th and it's been up and down but now $53.20, which is still up $800 per contract from where we called it and now we're calling that one short again (/CL).