Photo: Wikimedia Commons
We’ve been talking about how incredibly quiet it is in the market lately. Every day our closing market post is STOCKS DO NOTHING AFTER NOTHING HAPPENS.So how quiet is it?
In the latest edition of The Gartman Letter, Dennis Gartman passes along this line from Charles Brady of the Fox Business Network:
Since August 3 (eight sessions) the Dow has traded as high as 13,223.01 and as low as 13,094.96 for a range of 128 points, or 0.98 per cent. In percentage terms that is the narrowest 8-day trading range since at least 1950. I couldn’t check back any further than 1950, but I think the point is clear. No conviction, no volume, truly the dog days of summer on Wall Street!
Worth noting: Things are a little more exciting in other non-equity corners of the financial world. Rates have been jumping nicely in recent weeks.