The Dow Jones Industrial Average (DJI) was fairly inert today, as investors digested news from Italy and awaited the latest developments from the fiscal-cliff deliberations at home. "There was very little in terms of news and even less market action on the day," noted Schaeffer's Senior Technical Strategist Ryan Detrick. "But although not much happened, I was impressed by how well the U.S. held up given this morning's weakness in European markets. There was a time European worries would decimate U.S. markets, and it's nice to see that tide changing," Detrick continued. "So maybe a boring day was actually a small victory."

Continue reading for more on today's market events, including:

• Chart of the Day: What's the short-term outlook for McDonald's (NYSE:MCD) following today's positive sales news? Senior Options Strategist Tony Venosa, CMT, lays out eight drivers to watch.
• Daily Game Plan: Senior Trading Analyst Bryan Sapp offers some tips on how to trade the current calm before the FOMC storm.
• In Focus: Volatility as an asset class -- Adam Warner details why the XIV has surged while the VXX has struggled. Plus, could the CBOE Market Volatility Index (VIX) stay "low" for years?

• 3 things you need to know from today's market, the session's most notable call and put trades, and our top Tweet of the day from the editor of ZeroHedge.

The Dow Jones Industrial Average (DJIA) made it four positive closes in a row, ending Monday's session up 15 points, or 0.1%, after spending the day in a relatively narrow 56-point range. It was an even split among the Dow 30, with 15 closing in the black while 15 settled with losses. Hewlett-Packard (NYSE:HPQ) blazed a trail higher, rising 2.6%, while Home Depot (NYSE:HD) brought up the rear, down 2.2% on the day.

The S&P 500 Index (SPX) managed a modest gain as well, rising half a point to advance further upon the key 1,420 level. Tech managed to keep up with the pack, as well; the Nasdaq Composite (COMP) actually outperformed its peers, gaining 9 points, or 0.3%.

The CBOE Market Volatility Index (VIX) was higher as well, edging up 0.9%, or 0.15 point.

A Trader's Take:

"Today was what we call a coffee day," quipped Detrick. "Meaning ... you'd be better off drinking coffee than watching the market. Nonetheless, we should see some fireworks coming later this week, as the Fed is set to announce its decision on interest rates this Wednesday." Detrick also noted the central bank will offer insight into what they plan to do about the expiration of Operation Twist.

5 Stocks We Were Watching Today:

1. Apple Inc. (NASDAQ:AAPL) suffered a $100 price-target cut from Jefferies this morning.
2. Molycorp (NYSE:MCP) long calls were off to a winning start.
3. Call sellers closed a profitable position on Microsoft Corporation (NASDAQ:MSFT) -- and opened new near-the-money bets.
4. Weekly option bulls expect gains from Google (NASDAQ:GOOG) before Friday's close.
5. Option Trends: speculators have shown a recent preference for puts on Coinstar, Inc. (NASDAQ:CSTR).

For a look at the top things to know about today's market -- plus options movers, commodities activity, and our top Tweet of the day -- head to page 2.