The Market Has Never Done This Before

Tyler Durden's picture

A fascinating statistic about the current no-vol state of the market, courtesy of Deutsche's Jim Reid, who points out that the last time we had 13 consecutive days in which the S&P moved less than 0.3% in either direction was... never:

... all you really need to know about markets at the moment is that yesterday's move in the S&P 500 (+0.16%) added to the record daily run of less than 0.3% moves in either direction. It’s now 13 days since we had a larger move using daily data back to 1927. The second longest streak of this length was of 10 days which has happened twice in history. The most recent time was in England's solitary football World Cup winning year (06 Jan 1966 - 19 Jan 1966), and the other between 15 Nov 1961 and 29 Nov 1961. So these continue to be remarkable financial times we are living through.

Visually:

Another way of showing the above is with the S&P's closing prints over the same period: 2474, 2473, 2473, 2470, 2477, 2478, 2475, 2472, 2470, 2476, 2478, 2472, 2477, 2481

And here is some more from Reid:

To put the steady but relentless rally in the S&P in context, it is now 73 trading days since the S&P increased by more than 1% in any one day. Give it another 7 days and we will beat the prior record set back in November 06 and March 07. Although, given the current lull in the activity (VIX now back to below 10), we might even get close to the 100 day record set back in mid-July 1995 to early Dec 1995.

Finally, this from BofA:

Earlier this year, the Dow recorded its lowest one-month trading range since 1900, and last summer the S&P traded within a 1.77% range for 42 consecutive days, the tightest such streak in history (the lull was ultimately broken on 9-Sep-16, when the S&P 500 dropped 2.45% on ECB policy, North Korea, and a fear of higher rates in the US).

This is just another piece of evidence for Canaccord's thesis that traders are not complacent, they are simply "paralyzed."

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Storm-Clouds's picture

Market on glide until post Labor Day when the updated algorithms will be executed.

Meanwhile amuse yourself with doom porn, elite pud exposures, GOT spoilers, Trump tweets,
Beaver pelts, etc.

charlewar's picture

Amazing what $9 TRILLION in practically free Fed Preserve Bunk money can do! Until it gets repaid.

soniii's picture

When BCE/FED are pumping liquidity on every dips saying things like "you misunderstood, you have to buy this we are here to back you"
And when the market fall you have declaration like "this bull market can go on forever" they are trying to suppress the sell button...
Way more easier for the capital ... logic 101

It is all arteficial growth guys (controled) social media and CB are preping the market to infinityyyyyy

I Write Code's picture

The market still hasn't done this.

Fantasy Free Economics's picture

Do not mistake this market for anything other than intelligent design.

http://quillian.net/blog/it-is-all-about-animals/

That seems hard to fathom but there is no way for a market to behave like this unless the outcome is being managed..

Why are volitility and volume so low and getting lower? Low volitity and low volume are conditions that make manipulation possible.

Can the averages be forced higher? For the deep state or whatever term applies, failure at this point is not an option. Forcing the market up is a life or death effort.

A decline of even 5% hdecline will snowball into a huge drop at this point. The market goes down and the economy goes down with it. Is there anything other than high asset prices holding the economy up? The answer is absolutely nothing.

James Quillian

Fantasy Free Economics

kavabanga's picture

It also lied today. I thought it failed to break 2480 and I o?ened short 4H ago. BOOM and it's 2485 now in one candle.

OMG(

https://www.tradingview.com/chart/SPX500/ooGUFddW-SPX-Failed-to-break-2480/

DontFollowMyAdviceImaDummy's picture

WHAT DO YOU MEAN LOW VOLUME?!!  There's plenty of BUY EVERYTHING "volume" between the 12th and 18th and the last-three-days and first-three-days of any month with all that sweet sweet 401k money coming into the casino errrr markets.

I'm convinced the Fed will ctrl-P forever and when they stop the 401k money will still come in to prop-up everything.

-muppets about to be fleeced

_ConanTheLibertarian_'s picture

The market is stalling!

 

I'm giving it all she's got, captain! - Loaded Weapon

https://www.youtube.com/watch?v=bT8CRi9k4bo

alpha-protagonist's picture

So if it's never happened before, why does ZH always deride the axiom: "this time it's different".

rusty_nail's picture

Wasn't last August also an historically low range time for the S&P futures?

rusty_nail's picture

Wasn't last August also an historically low range time for the S&P futures?

FreeNewEnergy's picture

Check the time of this post. At 12:09 pm ET, S&P 500 up 0.37%.

There you go. PPT to the rescue.

DungeonMaster's picture

War complex just slowly accumulating before N Korea.

leftcoastfool's picture

It is different this time...

Apeon's picture

The Market consists of Greedy People, scared ____less.

wattie's picture

ATTENTION GOLD AND SILVER INVESTORS!!

A brand new institutional grade precious metals backed crypto currency is about to be launched. 

This new gold/silver standard in crypto will offer gold/silver investors a yield, security and confidentiality. 

You can also choose to take delivery of your metal should you desire to!

Register here for information

www.ownbullioncoin.com

 

www.ownbullioncoins.com

allthegoodnamesaretaken's picture

I, had a large essay written about all this "Market" stuff, a lot of thunderstorm activity here today, lightening, the electric went off, I lost an hours work.

So, let's just do the guts of the essay: one family, owns the Market; the Reagan - Bush Presidency cut lose the monster that is this families insatiable greed; the family knowing quite well how to manipulate the finances of the world's people, knowing nothing about restraint or empathy, so, today the world of living things are in the condition of -near death.  Owning the money as the founder/father of the family requested and was granted, did not and does not qualify the Banker King to rule the world, in fact, his families Kingship has been and is a disaster for the Earth and every living thing on the Earth.

Waterloo, does not a King qualify.  The need to start over is overwhelming, we have little time left to do it, this is the problem...  Getting rid of the cash could be a death blow to the family’s hundreds of years ruler-ship.  Or, it could be the end of us as anything other than dirty little slaves to the filthy rich and power-hungry elite.

I think, if the Politicians, Judges, Police and Military have their way, before the end of Trump’s first term the free world will be either or less than Merry old England, back when there were debtor’s prisons and Company towns, the people, less than the King’s dog(s), slaves without any other description adequate.  Private Prisons, are debtors prisons, in the making, free labor a grand desire of the elite, a King, subject to the whims of the worst of his kind.

All the elite- the old elite, the real elite, the powerful elite –know, is what their father’s taught them, from the good old, for them, days.  The love of the early centuries A.C.E., the way things were back then, how grand it was when the carriages could go down the filthy, covered in sewage, lanes, the elite above it all, the common people, bowed over, afraid to look the elite in the eye.  Severe penalties for picking up a piece of wood, lying beside the road, a piece of wood to burn so the poor man’s family could be warm.  Company towns, everything bought or sold under the thumb of the elite who run the town(s).  Starvation and thirst, more common than the flies around the dead bodies, dead bodies left to decay, for the animals to eat, a cause of terrible disease and death.

Whereas the people could suffer a death penalty for a minor infraction of the law, the elite, above the law, could do and did anything they wanted to do, they were never challenged or even reprimanded.  Does any of this ring a bell?

 

The world of C. Dickens, of E. A. Poe, all the horror, the filth, the death, the lack of any desire to live, lust, drinking of human blood, even the drug addiction of the past, look around yourself, it is all coming back, because, that is all they know!  Think it is bad today, you just wait, de-evolving we are and not as a species but as living things, for, the species is forever in the form of the filthy rich powerful elite.  The characters that are us, well, that’s another story.  To be continued.