The S&P 500 closed Friday at 7,580.07, just 1 penny above its 7,580.06 close on May 29.
That is 5 months of trading with almost nothing to show for it at the index level.
The index hit its lowest close of that stretch, 7,266.99, on June 10.
It then rallied 7.5% to a record close of 7,818.93 on October 6.
From that record, it slid 3.0% to finish October right back where it started.
Under the surface, the average stock did better.
The equal-weight S&P 500 ETF (RSP) rose 4.5% over the same stretch.
Anyone who only watched the index missed the real story, which was the rotation underneath it.
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