The market action is beyond dull, almost sleep-walking.
Understandable for mid-August, but certainly it is not good that they are ignoring the risks in the real economy.
But why should they be any different from the Fed and the rest of the political and financial establishment in their attitudes towards the 'new normal.'
As a reminder, there will be an option expiration tomorrow.
Here is the scorecard for today.
Have a pleasant evening.
