The stock market has hit a lot of records lately.
With the Dow opening higher Wednesday, stocks have a chance to do something else historic, according to Nautilus Investment Research.
“We highlight two momentum signals we will be watching today,” said a note from Tom Leveroni of Nautilus. “An up close in the Dow Industrials today will give it 9 consecutive up closes, a rare feat of trend persistence.”
In fact, if the Dow hits the ninth straight up day in a row, it will be only the seventh time this has happened since 1980. In each of these instances, albeit on a small sample size, the index has been up the following six months with an average gain of 10.41%.
The largest of these upward moves was 22.05% after the market hit the streak on January 14, 1987 and the smallest was a 4.72% gain in the six months after it was hit on New Year’s Eve 1991.
Additionally, according to Leveroni, this is just the 30th time this has happened since 1900, and the average gain in the following six months has been 5.96%.
So here’s to another (maybe) record.
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