Chart of the Day
Today’s chart illustrates the average percent change in the S&P 500 during the first 1000 trading days following a major stock market correction (15% or more). The chart illustrates that the market tends to achieve the majority of its gains during the first two years (504 trading days). The reasons for the reduced gains as rallies age are two-fold. First, longer rallies have not tended to result in proportionally larger gains. Second, most rallies have not lasted 1000 trading days. Therefore, more significant corrections are included in the gray average line as it approaches 1000 trading days. For example, half of the rallies since 1950 lasted less than 600 trading days. Regardless, the current rally has been extremely average. Stay tuned…
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Source - Standard & Poor's
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Quote of the Day
"The biggest fortunes on Wall Street and the futures markets are made by individuals who know how to exploit the herd mentality of the marketplace." - Larry Connors
Events of the Day
May 11, 2005 - Cannes Film Festival begins (ends May 22nd)
May 15, 2005 - Armed Forces Day
May 15, 2005 - Preakness Stakes
May 23, 2005 - Victoria Day (Canada) - French Open tennis tournament begins (ends June 5th)
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