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Great nugget here from Jonathan Krinsky of Miller Tabak about the lack of volatility seen so far today.2 hours into trading, and the intra-day range for the SPY is only 0.27%. Should that hold, it would be the 4th narrowest intra-day range in the last 17 years. The only 3 narrower ranges were 12/24/12 (0.26%), 5/7/2007 (0.26%), and 12/29/2010 (0.24%). There is not much of a takeaway from that, other than it is a classic consolidation after big gains. However, we would all 3 times were within medium-term uptrends.