The Dow is putting together its third straight triple-digit/1 percent gain today, rising nearly 4 percent over the past 3 days as some of the immediate concerns over Europe have eased…for the time being at least.
Absence of Consistent Gains
Still, a more prolonged winning streak has been quite elusive in recent weeks. The Dow has put together 4 or more consecutive days of gains just twice over the past 3 months—the others being a 4-day winning streak on August 31 and a 5-day winning streak on September 16.
Consistent Days of Volatility
With all the uncertainty in Europe and a stagnating global economy, volatility has remained elevated over the past couple of months, with the CBOE Volatility Indexpeaking at 48 in early August and pushing 47 again on earlier this week on Tuesday.
With today’s 1 percent gain, the Dow is having its 9th straight 1 percent move (up or down), something that hasn’t happened since April 2009. That is also something that has previously only happened 5 times since 1938.