The Dow Jones Industrial Average closed in the green again on Friday marking it’s 19th positive day out of the past 21. Jason Goepfert reported on Friday that this has only happened twice in the past 100 years and both occurances were 70+ years ago.
August 1, 1927 and July 5, 1929 saw the Dow post streaks similar to the current one. Both dates led to significant selloffs. After the 1927 occurance, the market fell roughly 5% rallied 10% and fell 10% according to Jason. “Significant selloff,” is surely an understatement for the 1929 occurance.
The market has also gone over 4 years now without a 10% correction for only the second time in history. The latest bull move up in April, then, is merely a record push amid a record streak.
If this isn’t a blowoff, I don’t know what is.