Dow Goes for Eight
Equities are again showing a positive tone today with each major US index trading higher, including a 0.44% gain from the Dow as of this writing. That puts the Dow on pace for its eighth straight daily gain. Looking throughout the index’s 100+ year history, such a winning streak is not particularly uncommon, however it has been a few years since such a run has been observed. Assuming the Dow finishes the day higher, it would be the first 8-day winning streak since September 2019. While plenty of streaks ended at eight days, there has been precedence of the Dow continuing its streak for even longer. That includes a near-record streak of 12 days recently in December 2017 or the record streak of 13 days in early 1970.
In the chart below, we show the performance of the Dow over the first 8 days of each winning streak that has gone for eight or more trading days throughout the index’s history. The Dow has risen 4.2% during the current stretch, which is essentially right in line with the past couple streaks from 2018 and 2019. That is also a little below the historical average of just under 5% (median: 4.6%).
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The Closer – Correlations Down, CPI Up North, Industrial Production, Credit Access – 7/18/23
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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we begin with a look at options pricing (page 1) before turning over to Canadian inflation data (page 2) and the latest industrial production data (page 3). Next, we review homebuilder sentiment with regards to remodeling (page 4) and the latest credit access survey from the New York Fed (page 5).
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