As of this writing, the S&P 500 is up over 7% year-to-date. But the sputtering economy and potential for election chaos appear to be wearing on the bullish thesis. We have noted that in years in which bulls and bears tug equally on the market, the daily rate of change (DRC) in stocks rises even as the index spins its wheels. We measure DRC by squaring daily returns and averaging the square roots of those changes (to eliminate the self-canceling effects of up and down days). Low DRC markets generally grind quietly higher (or lower), and mainly deliver good bull years. From 2012 to 2019, DRC ran at a low 0.57; and the