Momentum and steep gains continue as this expansion sets new record highs. Today’s seventh positive close is the second such run in 2013. There had been a similar seven day streak earlier this year, as well as one lasting eight days.
This is a hotter expansion than the two previous bull markets – neither had sequential positive runs this long. Our diagram chronicles these cycles from day 961 to their end. (With day 961 occurring on the first trading of this year, the top line summarizes the S&P500 daily closes for all of 2013.)
Clearly this best ever situation requires thoughtfulness. Enjoyment of the steep rise should not preclude concern for near term prospects, especially since both previous bull markets –and especially the 2000 top- ended after steep surges.
DJIA .02 percent
NASDAQ .61 percent
S&P500 .31 percent
