Jeremy Hobson: Now that's today's big economic news -- but if you take the long view, you'll see a stock market that hasn't moved at all this year.
And that's where we'll start now with Josh Brown of Fusion Analytics. He is with us live from New York as he is every Wednesday. Good morning.
Josh Brown: Good morning.
Hobson: So Josh, if you went to sleep on the very first trading day of in January this year, the Dow was at 11,577. And if you woke up this morning, before the market opened, you know where the Dow was?
Brown: We're pretty much right in the same spot.
Hobson: Exactly the same, at 11, 577. Is it really as if nothing happened?
Brown: You know, right, if you didn't pay attention to anything, if you were in a cave the whole year, you would say "eh, what'd I miss?"
However, it's been one of the most volatile years on record. It's been pretty bifurcated; the first half of the year was fantastic with a few big dips and then the second half has been extremely volatile.
Hobson: And what is behind that volatility -- that continued volatility -- which has been going on for a few months?
Brown: Sure, volatility is a function of indecision on the part market players. We're kind of teetering on the brink of either "stall speed" is what we're saying or just the resumption of expansion, albeit at a slower rate.
And the market doesn't really know which it's going to be yet, so that's why you're seeing these monster swings in the market on an intra day, and on a weekly basis. It's just total indecision.
Hobson: Indecision. Josh Brown of Fusion Analytics, thanks so much.
Brown: Thank you.
Josh Brown is a New York City-based financial adviser at Fusion Analytics. He helps people invest and manage portfolios for them. Josh's clients range from individuals to corporations to retirement plans to charitable foundations. He is also the author of The Reformed Broker, one of the top 10 financial blogs in the United States.