Underscoring the relative quiet that has descended upon Wall Street, the VIX volatility index retreated another 5.7% on Friday to tumble as low as 13.30 -- its lowest level since June 2007.

Further, the blue chips moved in an extremely tight trading range of just 36 points and crossed over the unchanged line countless times. 

"This is a textbook summer Friday afternoon," said Peter Kenny, managing director at Knight Capital Group (NYSE:KCG).

Kenny said it's hard to read too much into Friday's session due to the low volume, saying, "It doesn't mean anything."

However, "what matters is that we're close to four-and-a half year highs. There is a drift higher," he said. "It's good for people who have equity positions because those who are underweight are going to be forced to catch up."

Friday's agenda lacked many market-moving earnings or economic reports, but traders did receive a surprise from the Thomson Reuters/University of Michigan consumer sentiment index, which increased to 73.6 in its preliminary August reading.