The S&P Has Now Gone 93 Days Without A 1% Decline

Another day, another green close.

In fact, another day, another record close. The 11th straight to be precise and the longest such streak in three decades. As for the S&P, you guessed it: another record high there too.

Here’s the idiot-proof, bullet point summary via Bloomberg:

• U.S. equities advanced amid gains in utilities and phone stocks and a last-minute surge that saw the Dow Industrials adding 77 points in the final hour of trading.
• S&P 500 index added 0.2% to turn positive after spending the day in the red, ending at a record 2,367
• Dow Industrials average gained 0.2%, ending higher for the 11th straight day, the longest rally since January 1992
• Nine of 11 groups ended higher, after all started in the red
• Financial companies weighed on market with 0.8% decline
• Energy shares down 0.9% as crude oil declined
• About 6.7b shares changed hands, same as year-to-date average
• VIX down 2% to 11.5, lowest in a week

With all of that in mind, consider the following chart from Goldman which shows that while we haven’t hit full retard in terms of days without a 1% pullback on the S&P just yet, we’re almost there:

(Click on image to enlarge)

Via Goldman

Since 1980, there have been only six instances of the S&P 500 trading for 80 or more consecutive days without a 1% decline.

Or, in other words:

 

Markets green. Now we know why.

CC: @RampCapitalLLC pic.twitter.com/mASK1wWpeZ

— NOD (@NOD008) February 24, 2017