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The Dow Jones Industrial Average has been unable to break the 20,000 market and it appears that investors are taking it easy.
The VIX index, the measure of the stock market's volatility, briefly slipped below 11 on Wednesday - hitting its lowest level since August 2015 and the second-lowest since June 2014 - and all three major indexes have moved by 0.1% or less.
In fact, according to Bespoke Investment Group, the trading range for the S&P 500 hasn't been this tight for a day of trading in nearly 24 years.
From Bespoke:
For @IvanTheK: today's S&P 500 intraday range (H - L)/(prev close) is 1.9 bps is the tightest since Christmas Eve 1992 (1.77 bps)
- Bespoke (@bespokeinvest) December 21, 2016
Since our data begins in 4/82, only three other days (10/29/92, 12/26/86, 9/27/85) have had tighter ITD ranges than today and 12/24/92
- Bespoke (@bespokeinvest) December 21, 2016Basically, the difference from the highest and lowest point that the S&P 500 has traded today is the smallest since we were waiting on the inauguration of Bill Clinton. Additionally, it appears that the time around the Christmas holiday is known for this kind of quiet with three of the five tightest trading ranges (including today's) coming in the last few weeks of the year.
(h/t @IvanTheK; @BespokeInvest)