We’ve been saying lately: It feels like the market is on autopolit.
Everytime there’s a dip, markets turn green.
Dan Greenhaus of BTIG (@danBTIG) puts some stats in his latest nightly note that show just how rare the current run is.
You may have already noticed it, but the S&P 500 rose today, the 13th time in the last 15 sessions it has done so (small and midcaps cannot make the same claim). This has happened before of course — most recently on September 18 and before that, July 22 of this year — but going back to 1960, a run such as this has happened less than 1% of the time. Yes it’s happened 8 times during the current recovery (S&P rose 17 out of 20 days in December 2010) but during the previous expansion, the S&P was able to muster a 13/15 gain just once, in September 2003. And if you can believe this, while it happened a bunch in the nonstop year of 1995, it didn’t happen once during 1996-March 2000. Not once. What does that mean, perhaps in light of Larry Fink’s comments today? We’ll leave that for another evening.