Just a quick-hitter here, but check out the S&P’s year-to-date closing prices in the chart below.


Smoothed out to account for non-trading days.


Two things stand out:

  1. The size of these cumulative movements – a decline of more than nine percent; a rally of more than four percent, a decline of nearly six percent, a rally of more than five percent. Those are big movements
  2. Obviously, we’re seeing volatility on a broad scale, but when the market has turned, it’s turned pretty decisively.  With limited exception, the market has run down on declined and spiked up on rallies. Those words sounds silly in writing, but visually I think you see what I mean.


Andrew Hall is the Vice President of Narwhal Capital Management.

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