Market Taking a Breather

The market has gone absolutely nowhere in recent weeks.  Over the last 20 trading days, the difference between the S&P 500's closing high and closing low has been just 2.15%.  As shown in the chart below, this is the smallest spread seen since February 2007.  At its peak last October, the 20-day high/low spread reached an astronomical 40%.  At the start of 2009, the spread stood at 10%.  We're definitely ending the year on a much different note than the way it started.

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