Days Since a 2% Decline
Instructive chart via Tickersense: It Has Been 928 930 days since the S&P 500 had a one-day 2% Decline. They also note that "the Dow Industrials have not had a 2% one-day rally in more than 500 trading days, either.”
Jim Bianco adds: “Not only has the S&P 500 gone almost four years without a 2% down day, it has been seven months since it has corrected 2% at all! This is the second-longest such period in 53 years.”
I frequently compare these markets to the last secular Bear Market, from 1968-1982. Note the cluster of these long no 2% corrections in that period also.
Michael Panzner notes that "while the S&P 500 has not had a one-day sell-off of more than 2% since a 2.49% slide on 5/19/03 (930 calendar days ago), there have been four 2%+ rallies over that period."
Date S&P move
======= ========
6/29/06 +2.16%
6/15/06 +2.12%
10/1/03 +2.23%
6/16/03 +2.24%
These are indeed interesting times . . .
Tuesday, January 30, 2007 | 09:45 AM | Permalink
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we've become so conditioned to low vol that a 2% daily correction will really spook this market.
Posted by: emd | Jan 30, 2007 10:16:15 AM
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