Attached is a note by Randy Watts, Executive Vice President and Chief Investment Strategist, and Kenley Scott, Global Sector Strategist, at William O’Neil + Co. on the current state of the market.
Key Points:
- The DJIA is well beyond the average 14% rally leg in a bull market, up 19% since mid-April with no 5% correction.
- Since 1900, it has had 86 prior rally legs of at least 19%, or in 21% of all rallies.
- Since 1970, it has had 35 above 19%, a 16% clip. (see note for list of all 35)