When it comes to rankings, a “ten” is typically considered as good as it gets. In many sports, a “ten” is considered the best possible score. In 1976, Nadia Comaneci was the first gymnast to ever score a perfect ten when she was flawless on the uneven bars. Then, in 1979, Bo Derek also taught us that a ten was perfect.
In 1984, the “perfect ten” was one-upped when ‘guitarist’ Nigel Tufnel from Spinal Tap introduced the world to amps that had a volume control that topped out at eleven. His reasoning was that every once in awhile there are those times where you have the volume up to ten and everything is going great but there is nowhere else to go from there. To solve the problem Tufnel tells the interviewer (played by Rob Reiner) that his amps go to eleven for those times when the band needs the “extra push off the cliff.”
This week, the DJIA was more than perfect, and like the amps from Spinal Tap, it pulled an eleven. And it did so in dramatic fashion, as the only time that the DJIA traded in positive territory was in the final seconds of the trading day. So where do we go from here?
Along with the DJIA this week, all of the major averages hit new bull market and all-time highs, as one of the most unloved bull markets of all time continues to chug along. For the S&P 500, the current bull ranks as the second longest and third strongest of all time. While it will be some time before the current bull makes a run for the top spot in either category, in strength terms, a gain of 5% from here will put the current bull into second all-time as well.
Our just-published Bespoke Report newsletter (included weekly with all of our membership packages) includes a recap of the markets this week as well as what to expect going forward based on the events of the last week. If you’d like to read our thoughts in this week’s Bespoke Report newsletter, take advantage of our one-month Bespoke Premium free trial offer. Sign up now at this page.
Have a great weekend!