The S&P 500 is doing something extraordinary — nothing!

One could say that a hush has fallen over the market.

The S&P 500 (INDEX: .SPX) closed a mere 0.02 percent lower on Thursday, making the day the fourth session in the past 16 that the large-cap index has risen or fallen less than 0.03 percent.

Such a bunching of silent sessions is actually quite unusual. Over the past two decades, there has only been one other stretch of 16 sessions out of which four were moves of less than 0.03 percent. That happened in August 2014.

However you slice it, small changes have become much more common. More than half of the S&P 500's daily moves this year have seen the index rise or fall less than half a percent; for comparison, that describes less than a quarter of its moves over the last 10 years.

Volume has been markedly low as well. And the market stillness hasn't escaped the attention of Wall Street.

Referring to a well-worn market chestnut, Michael Block, chief strategist at Rhino Trading Partners, wrote Thursday that "You're not supposed to fade a dull tape and man oh man is this dull. Like late 80's college rock uninspiring."

Views on R.E.M. aside, the market mildness is having a big impact on the options world. Options prices on index ETFs and single stocks alike have fallen mightily, potentially creating a good opportunity for those who wish to bet on or against particular stocks or ETFs.

Read More This may be a great time to bet on the market rising

Of course, if markets keep up this streak, there is little reason to do either. Maybe try dusting off some old records by The Smiths instead.

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