The S&P Has Closed At New Record Highs 37 Times In 2017, The Most In 20 Years

In a testament to the “buy the dip” mentality, or rather only remaining investing strategy in quasi-nationalized capital markets, BofA reports that the S&P 500 has closed at a new record high 37 times so far during 2017, the most in the Q1 to Q3 period since 1997, when the S&P closed at a new record 40 times before the start of Q4 (the most occurred in 1995 when there were 61 record closes).
Additionally, 2017 still has the potential to top ’97 (40 records) as four trading days still remain in Q3, and judging by today’s strong rebound we just may go for 38 by end of day. As BofA’s Benjamin Bowler writes, “this high number of record closes further depicts how US stocks have continuously grinded higher as investors continue to buy every dip and keep volatility suppressed.”

This post was published at Zero Hedge on Sep 26, 2017.