By Jon Strebler
CATCHING OUR BREATH
Every day and even every week cannot be full of fireworks. It may be that markets, and not just men, lead lives of quiet desperation (mostly), interrupted from time to time by exciting, meaningful happenings. We've had the huge upward move in stocks and the US dollar – week after week -- followed by signs of life in the precious metals, new highs in European shares, and most recently the tectonic shift in European (read: Swiss) currencies. Last week was mostly a time for investors to catch their breath and digest all of these things and more.
And thus US equities mostly sidled along over the shortened four-day trading week, albeit with an upward bias to balance out the previous week's downward bias. A whole lot of action, but mostly much ado about nothing, as US stocks are essentially trendless these days.
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