THE SIDEWAYS BULL
It is clear that we are still in the heart of an upward biased bull market. The reality however, is that we have moved through a period of sideways action. Until two days ago, the Dow Jones Industrial had not made a new high since late January of this year. The chart below points to the large rounding bottom for the Dow Jones Industrial ETF from February to today.
The time from the latest all-time high to the most recent high was 162 trading days. That makes it the 4th longest time frame between all-time highs over the last 10 years, and 7th longest stretch over the last 30 years
Therefore, while many have the right to be cautious, the truth is the market has done nothing in 9 months...
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Sean D. Emory
Avory & Co. Founder & Chief Investment Officer
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