SLEEPY STOCKS: Prices are moving up or down each day at less than half the levels of this time last year. Trading volume is down a fifth. And the future doesn't look much more exciting. The Vix, a gauge of future volatility, recently hit a five-year low.

CALM BEFORE THE STORM: Pros fret that this means the 12 percent rally in the S&P 500 since the beginning of the year could peter out. The lack of trading is seen as evidence that buyers lack conviction.

RELAX, IT'S SUMMER: While prices are barely moving, that's only compared with the wild moves last summer. They're about even with the long-term average. What's more, the Vix tends to drop in the summer anyway. As one old-timer put it, the market this summer lacks "fireworks" - but you can still make money.