'Twasn't the night before Christmas today, but 'twas the week before Thanksgiving. The "stirring creature" quotient is in the same ballpark. And for those who have no time for my allusions, I'm saying today saw quiet trading in a narrow range. The end.
And for those who feel like they need to read a few more sentences in order to feel like they got their effort's-worth in reading a market recap, here you go:
Bonds were noticeably stronger overnight, following a surge in European bond markets after weaker services PMIs in France, Germany, and the broader Eurozone. Domestic PMI data provided a clear push back in the other direction, essentially taking bonds back to unchanged levels.
Stocks weren't as convinced as bonds by the PMI data and sold off at 10:30am. That helped bonds regain composure. Stocks and bond yields moved lower into the European close and then fizzled back in the other direction for the rest of the day.
Volumes were low and the range was narrow. We're not likely to get a resounding comment on trader mentality until the first week of December at this point, even though trade headlines and other geopolitical risks can cause volatility inside the broader range.