Traders are itching for a trading event that will build momentum and give them the volatility that they crave to swing trade and take profits.

Monday’s trading session was rather uneventful. Volumes remained low on U.S. exchanges and the Eurozone crisis has yet to move forward in a material manner despite positive overtones signaled by German Chancellor Angela Merkel early in the day.

All the major indices posted extremely modest gains after the typical morning drop and pop. The Dow Jones Industrial Average gained 32 points to close at 12,392 whilst the S&P 500 posted a 2 point gain to close at 1280.

Should the spooz move above 1281, traders will be on the lookout for bids in the 1300 range.

Volatility remains weakened with the CBOE Volatility Index (VIX) hovering at 21.