When your job is to write a commentary about the stock market you start with a blank Word document. It stares at you and says, "Come up with something noticeable that makes sense of the market." Right at that moment, the inception, you can go either way. You can detect a pattern that points to an absurdity, let's say a warning about a two-track bias, one with light volatility and the other with craziness.
What should be written then? How about a hedge to the thesis, something about how things could go right, perhaps during the time it took to walk from the office to John and Water Street all those years ago? Something like "the narrowness could be a reminder of so many past bull markets, where other stocks joined the resting leaders and broadened the market.