Two months are now in the books, and what an eventful two months it has been! Over the course of 2016’s 39 trading days, there have now been 23 days where the S&P 500 has had a daily gain/loss in excess of 1%. This is extremely high by historical standards, and there have only been seven other years in the history of the S&P where the index saw more than 20 one-day moves of at least 1% in the first two months of the year. Only two of those seven (1932 and 2009) have exceeded this year’s total. Obviously, the rest of those two years had vastly different outcomes (1932: -17%, 2009: +52%), so to try and read anything into how the market played out then to how it will play now is a worthless endeavour.