A fair bit of commentary has been floating around concerning the extraordinary low volatility of U.S. stock markets during the post-election rally. In particular, it is noted, the S&P 500 hasn't fallen by more than 1% in more than 100 sessions, going back to Oct. 11.
This is not the longest such streak. But it is among the longest in many years.
It's noteworthy coming at a time when the market is long overdue for any kind of correction, at least for the sake of traders, and at a time when the bull market rally has just turned 8, making it very mature indeed.
Here's a look at the past 4 months of S&P trading based on daily percentage moves.
To try to gain some more perspective, we looked at daily S&P 500 changes over the past 10 years, based on data available from the St. Louis Fed.
During the period -- 2,518 trading days -- the S&P 500 fell just under 46% of the time, and rose just over 54% of the time. Two trading days during the 10-year period were effectively even.
Of the days when the index fell, it lost more than 1% 356 times. That's a little over 14% of the total number of trading days.
Of the days when the index rose, it gained more than 1% 376 times. That's a little over 15% of the total.
So, for the remainder of the 10-year period, about 70% of the time, the S&P 500 daily trading range held between negative 1% and positive 1%.
The index had 798 days when it was down less than 1%, and 986 when it rose less than 1%.
Here are the past 10 years of S&P 500 percentage daily moves. The recent quiet streak is barely noticeable at the right side.
Meanwhile, on Real Money, Cramer explains why this is a market worth buying into at these rates. Check out his pithy analysis with a free trial subscription to Real Money.
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