"No Man's Land is the term used by soldiers to describe the ground between the two opposing trenches." this term was widely used during WW I, and kept its name throughout many military operations since.

Wikipedia, says that "No man's land is a term for a land that is not occupied or more specifically land that is under dispute between parties that won't occupy it because of fear or uncertainty."

I think this term is applicable to the market, particularly around the 11,000 mark on the Dow.

During WWI, the distance between two opposing trenches (no man's land) was about 250 yards. Until we hear confirmation from the Fed on June 29th, the trading range on the Dow could be anywhere from 250 points north or south of the 11,000 mark. Hence, we believe we are in "No Man's Land."

Yesterday, Fed Chairman Bernanke's speech allowed the markets to recover from the 10,750 level, and today the market is mixed after St. Louis Fed President William Poole said;

"It's, I believe, certainly my view that if the inflation rate continues to be persistent like this the Federal Reserve will simply have to pursue persistently policies that will keep that inflation from increasing further."- Read Article

Until the market receives confirmation of a Fed pause, trading should remain around current levels until the final outcome is known.