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If you’re waiting for a correction, hope you brought a book. You may be waiting for a while.
At least, that’s what Raymond James chief investment office Jeff Saut seems to be suggesting. In an article published on Minyanville Saut makes the case that a correction probably isn’t in the cards, -- at least if history is any indication. First ,“we just entered the best six months of the year for the equity markets,” he says. (November through April have, on average, shown superior stock market performance )
Second, “over the past 12 years the Dow has always shown a profit between November 11 and December 5.”
But that’s not all. Saut thinks history may be repeating itself – in an even bigger way.
S&P Action Repeating Itself
Since last April Saut has been using the stock market’s chart pattern from 2003 as a template for this rally – and it’s been spot on accurate.
In case you're like us and not immediately familiar with the market action of 2003-- in a nutshell, ”the S&P 500 bottomed in March 2003 and rallied sharply into June,” he says. “From there it flopped/chopped around for a few months, but never gave back much ground.”
Sound familiar? Well guess what, there’s more.
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