Over a period of many years, what percentage of days is the stock market up versus down? Any guesses? Given what we’ve seen over the past decade, my intuition is something like 95% to 5%, although lately more like 100% to 0%. The truth is actually 54% to 46%, which I know is very hard to believe, but that’s what the data says.

This month (the ostensible “Sell in May and Go Away” era) the market goes up every single tic. We are now, as you well know, at levels never seen before in human history across the board.