Despite the slight pullback today on the heels of the disappointing June jobs report, July has been off to a good start for the markets.
Entering today’s trading, the Dow and S&P had been up 7 of the past 8 days, while the Nasdaq rose 8 days in a row (up over 8 percent), for its best 8-day winning streak in two years.
The markets have not been a stranger to big July rallies over the past three years.
- July 2009: Up 12 percent over 13 days
- July 2010: Up 9 percent over 15 days
- July 2011: Up 7 percent over 8 days
“Risk On” Is Back in Vogue
The market’s rally over the last 8 days heading into the jobs report brought the Dow and the S&P back within a fraction of their multi-year highs set in April. Two weeks ago, when investors were fretting about the Greek debt crisis, the S&P 500 collapsed below its key 200-day moving average.