ZZZZ, this market is a total snooze-fest. Today we saw the 3rd lowest intra-day range in the S&P 500 over the last 20 years (h/t Jonathan Krinsky). Ryan Detrick tells us the S&P 500 hasn’t had a 1% up or down day for 46 days, the 7th longest streak over the past 40 years.
What I find equally fascinating is that slowmentum and momentum are both working. Over the last 46 days, the market has slowly ground 5.5% higher. It hasn’t been exciting for passive investors, but annualized this would amount to a 29.7% return, not too shabby.
Although looking at the indices has been like watching paint dry, the momentum names- which were slaughtered just a few months earlier, have been absolutely scorching. Look at the performance of some of these stocks from their recent lows.
Aside from top callers, this market has had something for everyone, I hope you’ve been able to take advantage of it.