A Steady Diet of Nothing Is Making Equity Investors Irritable
- S&P 500 hasn’t moved since a January 2018 high, 563 days ago
- Recent selloff reminds JPMorgan’s Matejka of 2015- 2016 rout
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It has certainly seemed like a busy 18 months for stock traders. There was the bull market’s near-death experience in December 2018, the VIX blowing up 10 months before that, a smattering of other memorable tumbles, as well as 18 record highs.
On the other hand, nothing whatsoever has happened. Never mind that equities had their best yearly start since 1987, or that the index is up 23% since Christmas: 563 days after surging to a high in January 2018, the S&P 500 hasn’t made a lick of progress from there.