Photo: Google Finance
Markets have been slowly inching up today. It almost wasn’t worth mentioning, but it’s relatively exciting given the excruciatingly low volatility in the last few days.
A few minutes ago, WSJ’s Jon Hilsenrath published an article on how some Fed members are hawkish. In other words, they are less in favour of more monetary stimulus.
Some stock market pundits had argued that stimulus, or at least the prospect of stimulus was driving the stock market rally.
So, the idea that stimulus might not come makes this market that much more remarkable.
Earlier today, Dennis Gartman noted this was the narrowest 8-day trading range since 1950.
In a note to clients yesterday afternoon, Goldman Sachs said “it’s getting boring to make the comment that equities are again boring. Or maybe that’s called boring-squared. Here’s to hoping tomorrow is boring-cubed.”