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The aphorism "Hours of boredom punctuated by moments of sheer terror" has been used to describe war and flying (and even baseball, although I beg to differ). The phrase may have originated in the trench warfare of the First World War, and it is a vivid reminder of how sudden violent incidents can interrupt an otherwise fairly mundane and predictable story. When I reviewed the stock markets for the first half of this year, the description came to mind. Here is how the two major North American indexes, the S&P 500 and