The Globe and Mail reports in its Wednesday edition that after struggling for more than a year, the S&P 500 only recently topped its all-time high. In a Globe special, Dale Jackson quotes Chicago options trader Todd Horwitz as saying that markets could be heading into another Cold War era, where prices traded in a flat range for nearly two decades before 1980. Today, the bottom of a narrow trading range is supported by the conviction that central banks will keep interest rates low and continue supplying cheap cash to support minimal growth. The top of the range, Mr. Horwitz says, is capped by the conviction there is no real economic growth in the world and little potential for big corporate profits. "Over all, markets don't have the ability to want to go higher or lower because you have nothing real going on," he says. "You have a rigged, controlled environment." Mr. Horwitz expects the stagnation to last as long as central banks keep interest rates low. Greg Newman at Scotia Wealth Management figures stocks will go higher -- to a point. "I'm alert to the possibility that we could be in flat markets. We have extremely low interest rates and not a lot of global growth," Mr. Newman says.