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How Quiet Are The Markets?
We've been talking about how incredibly quiet it is in the market lately. 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, over the next 8 sessions the Dow traded as high as 13,223.01 and as low as 13,094.96 for a range of 128 points, or 0.98 percent. 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!
That quiet. 62 years worth.