Welcome to the dull part of recovery. As the economy starts to re-engage, economic data to point to slow improvements and investors digest what was a strong earnings season, this phase of the cycle may end up being as exciting as watching paint dry. Some economists and commentators have taken it upon themselves to offer a play-by-play of the drying, but a few are looking ahead to the next coat.

Take the market. Despite some ups and down, prospects for stocks still appear positive, if unexciting, according to Strategas Research Partners analysts Christopher Verrone and Nicholas Bohnsack.

“While 1150 resistance on the S&P 500 has proved to be stubborn over recent days, our base case remains a steady grind higher to the 1230 level,” they wrote in a March 15 note.

On the same day, the ISI Group surveys returned data showing pickups in some key sectors: home building, trucking, capital goods, restaurants, auto dealers, temporary employment companies, permanent employment companies, airlines, chemical companies and technology companies. They’ve increased their readings over the last several weeks and have returned to levels last seen before the Sept. 15 , 2008 collapse of Lehman Brothers.

Market watchers also reported green shoots from retailers. Improved results from a variety of sellers, including Wal-Mart Stores (WMT) and Phillips Van Heusen (PVH), “reflects belief that the consumer is starting to spend again,” wrote Donald Ratajczak, chief economist for Morgan Keegan, in a Tuesday note.

However, those gains won’t continue forever, and it won’t be speedy, he says. “The industrials clearly reflect belief that the recovery is sustainable and will intensify. I believe the sustainable assumption is valid, but when the government stimulus recedes I expect to see a modest recovery,” he wrote.

In Washington, Tuesday’s Federal Reserve Open Market Committee statement prompted more parsing of its language for clues on when interest rates will rise. It also prompted some economists to look forward – beyond the paint-drying – to a point at which their worries about inflation might eclipse their concerns about economic weakness.

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