Indeed a big theme over the last several days has been the lack of market range – we can't remember seeing so many moments when the S&P 500 was, like, 0.1% over where it closed the day before.

Anyway, here's a stat from Dan Greenhaus at BTIG:

Okay, this is getting silly already. It is hard to tell the same story yet again, but flows were relatively light as overall volumes were relatively light and indeed, the broad market went nowhere yet again. You may not have noticed it, but of the 27 trading sessions thus far in 2012, 20 of them have seen the S&P 500 move less than 0.50% in either direction including 8 of the last ten.