The U.S. stock market this year is stuck in a rut. It’s trendless. It can’t decide if it wants to go up or go down.
Wall Street pros are starting to take notice of the market’s inability to gain traction.
Goldman Sachs says, “Flat is the new up.” Paul Hickey of Bespoke Investment Group calls it the “Nowhere Market.” Patrick Adams of Choice Investment Management blames the malaise on a “tired bull” and says a “cautious stance is warranted.”
“This year has brought a whole lotta flat,” says Burt White, chief investment officer at LPL Financial, commenting on the stock market’s uninspiring year.
How flat? After Tuesday’s nearly 6 point drop to close around 2097, the broad Standard & Poor’s 500-stock index is up just 1.8% on the year and off 1.6%
Read the entire article: Why the stock market is going nowhere fast