Prior to today’s spike higher on the back of a better than expected US jobs report, the S&P 500 has traded essentially flat since late November of last year. We have experienced extreme volatility during the past five and a half months, which makes for terrific headlines; however the market has gone nowhere. In late November the S&P 500 was trading around 2070, the same levels seen two days ago. Using 2070 as a benchmark, since 11/24 we have been in a 7% trading range. Our low was experienced on December 16th at 1972, a 4.7% decline, and our high was set on 4/24 at 2117, a 2.3% increase. This narrow trading range defines a “hurry up and wait” period for US investors.