Here’s a chart we’ve run several times this year.
We have yet to have a single down where the S&P was down even 1%.
The last time was in late December.
This is wildly different than last year, when a 1% down (or up) day was the norm.
Anyway, this kind of streak is extremely rare.
Raymond James’ Jeff Saut comments on it in his weekly note today:
Despite overbought conditions, a Dow Theory upside non-confirmation, the end of the “buying stampede” on January 26th, a stock market that has used up most of its internal energy in the short-term, a massive downside reversal from Wall Street’s premier stock last Wednesday (AAPL/$502.12), saber rattling in the Hormuz Strait, a ~21% rise in the price of gasoline since mid-December, et all the stock market has trudged higher. Manifestly, the SPX has now gone 35 trading sessions in 2012 without suffering a 1% down day. There have been 12 other years since 1928 where the SPX has traded higher for 30 sessions, or more, without a 1% down day. In all but one of those occurrences the SPX was higher at year’s end with a median gain of more than 15%. That’s yet another positive harbinger for the rest of this year.
For what it’s worth…
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