The most prudent way to capitalize on an uber-flat market may be to take defensive measures, in preparation for what could be an end of the low-volume, low-volatility environment.
"We are in a classically complacent market," said Gina Sanchez, CEO of Chantico Global, who also said this market is at once complacent, "upward-sloping and fairly overvalued."
Sanchez observed Wednesday on CNBC's "Trading Nation" that stocks are richly valued, investors are confident that the Fed is not going to raise rates anytime soon and sentiment is overall optimistic even as the presidential election approaches.
Sanchez believes in a time like this, the right move is to prepare for "when the sun stops shining," metaphorically speaking.
Though the S&P 500 has hit new highs this summer, the market has moved in a relatively narrow range over the last month; as of market close on Thursday, the index had not seen a 1 percent move higher or lower since July 8, when it rose 1.53 percent.
Thursday also marked the third-lowest-volume day of the year, as 5.52 billion shares were traded by the closing bell.
"We see multiple breakouts, time and time again," said Phillip Streible, senior analyst at RJO Futures, who does not see shorting the S&P right now as a "prudent" strategy as it's moved higher.
And gold could be a market that snaps back here, Streible said Wednesday on CNBC's "Trading Nation," something relatively inexpensive.
What would Streible recommend in this environment? Buying put options in this market right now does not make much sense to him, as investors would be paying a premium for not very much "action," given such low volatility.
Streible said the wisest move, in his eyes, would be to look at your current portfolio and "reallocate" assets.
"Maybe take a little bit off, step to the sidelines a bit, because all good things must come to an end," he said.