On Wednesday, the market action was volatile. The Dow fell -45 points at the open, and then rebounded to close up +117 points (+0.72%). The S&P gained +10 points  by the close (+0.56%). But the market ended mixed, as the  Nasdaq fell -13 points (-0.32%). Small-cap growth stocks were the weak link today.

Volume was average for the day. Advancers beat decliners by a 2-to-1 ratio. Up volume led down volume by almost 2-to-1.The market was likely influenced by testimony from Janet Yellen, Fed Chairwoman, as well as news that Russia was pulling back troops from the border in Ukraine. Nonfarm business labor productivity declined -1.7%.

The VIX closed at 13.40 in sideways action.This suggests there is not a lot of investor fear; investors may be complacent.  A spike up in the VIX might be needed before the market can rebound strongly.