by Jeffrey D. Saut
“Nothin’ from nothin’ leaves nothin’ (Billy Preston)”…is the first line from Billy Preston’s hit song “Nothing From Nothing” recorded in 1974 on the album “The Kids & Me.” It was a song one of my bands used to play in an era long gone by. I recalled the tune while reading one market maven’s letter last Tuesday where the author commented that, “Monday was perhaps the nothingness of nothing days.” And, he was right because on that day the D-J Industrials limped through the session only to close down by a mere 8 points. To be sure, last week began as so many weeks have begun over the past 22 months. Recall it was in August 2014 that the S&P 500 (SPX/2099.06) first breached the 2000 level, but ever since the SPX has been trading in a relatively tight range of roughly 18%. As the good folks at LPL Research write, “[That’s] one of only five times it has traded in a range of less than 20% over a period of 22 months.