Battle of the Birds
Stocks seem immobilized. At the end of 2014 the S&P 500 Index was just under 2,100. On the last trading day of April 2016, the index stood at, well, just under 2,100, or basically unchanged for nearly a year and a half. To be sure, the index saw gains the prior six years and over the previous two years was up more than 40%, so a bit of a cool down is not unreasonable. In this case, however, the sideways motion may have less to do with the normal process of consolidating gains and more to do with a quiet war raging within the halls of the Federal Reserve.
