The broad markets have gone into the dog days of summer mode this week. Volumes on Wall Street have dropped significantly and equities have entered a semi-slumber the past few sessions. While plenty of questions shadow the global economy it appears that investors are trying their best to get comfortable and essentially hope their portfolios run on autopilot the next few weeks, particularly on a Friday when a nice weekend awaits.

Gold has moved into a consolidated range. Testing short-term resistance yesterday, the precious metal stands near 1307.00 as of this writing. Having seen a good deal of volatility the past few weeks Gold even looks as if it may remain tame today. Crude Oil is touching the lower ebbs of its high range. Forex markets have been calm. The JPY and GBP also have gone into polite equilibrium the past forty-eight hours. Sterling did quite well earlier this week but appears to have parked itself within a comfortable value the past day. Trade Balance numbers will be published from the U.K. shortly.

Data will be otherwise light before going into the weekend and next week’s economic reports will remain rather muted. Thus if traders are looking to take advantage of current market conditions they may have an opportunity to test trends as they move along in known ranges. The EUR has moved higher this week along with the GBP and AUD. The Single Currency seems to be taking advantage of some optimistic news from core E.U. nations – Germany’s good week of data results – and questions surrounding the timetable about quantitative easing tapering from the Federal Reserve. The EUR is trading near the top of its short-term ranges and appears ready to test highs not seen since February.

With a dearth of news traders will likely not be thrown too many surprises before going into the weekend. News about the cancellation of a meeting between leaders Obama and Putin created a bit of a stir, but this is not exactly Cold War tension that is being seen. And while talk about who will be taking over the helm of the Federal Reserve is critical the final choice for the job is not likely to be known quite yet. The reverberations that may come from inside the Fed and affect the decision on who will become Fed Chairman are of keen interest. However, news of resignations such as Sandra Pianalto’s last night will not cause an earthquake of fear among market participants in the short-term no matter what the ultimate long-term implications may actually be, this because investors value comfort over reality this time of the year.

It should be a rather tranquil day of trading and for those using good risk management opportunities can be found among existing ranges.