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The rally has been furious and fast. In less than four weeks, the Dow has risen 14.8 percent from its 2011 low, reached on Oct. 3. The S&P has gained 17 percent. The rally has been historic. If tomorrow holds 3% on the S&P, the major market benchmark will set the performance record for a one-month time frame.
While I mentioned that the market was short-term oversold towards the beginning of the month I never thought the market would rally this far, this fast. The S&P pushed through 1200, then 1220, followed by 1250 and now it sits at 1285. Amazing!
Four-Star Sloper Iggy suggested that readers mark where in the world they are located. This is a great idea. Don't worry, you don't have to tell us your address – – – just a city is fine. Just from Iggy mentioning this in comments, a lot of folks have chimed in so far:
Long-term readers know that I was, at one point, quite obsessed with the notion that we were repeating what was seen from 1937-1942 with respect to the market from 2007 to about 2014. The analog disappointed me enough times that I stopped looking at it.
Last night, however, my doppelganger and Parisian friend Serge sent me this portion of the analog comparing the late 1930s with present market activity. Serge has an amazing eye for analogs, and this one merits attention: