Perfectly Pinned

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For the entirety of last week, as well as today, the market has seemed exceptionally boring and dull. I was wondering if it was my imagination, but one glance at the SPY will confirm it. Here, for instance, is what the market was doing about a month ago.

In recent days, it has instead looked like this:

Tiny, pipsqueak little bodies. especially if you focus on last week’s five sessions. The market opens, it moves around as much as a five-month old corpse, and then it closes. In fact, if you draw a line from the open a week ago until today’s close, the net change is almost exactly zero. Dead. Dull. Drab.

I wonder wondering the last time the market was pulling a stunt like this, and sure enough:

That was literally the peak before the Covid plunge.

Not that I’m saying we’re about to undergo the same thing (nice as that would be). But, looking at the past few years, I cannot help but be struck by the alarming similarities between the peaks I’ve pointed out here: