The Dow's great quarter
The Dow Industrials finished Q2 with more than a 17% gain, the largest since 1998. Going back to 1896, the venerable index has gained more than 17% in 17 quarters. The next quarter, it added to gains 13 of the 17 times, with gradually less success during each subsequent quarter. By four quarters later, it was higher 8 times, lower 9 times. Most of the signals (12 of them) occurred prior to 1940, so only 5 of them have triggered recently. For those curious, those quarters were 1975-03-31, 1976-03-31, 1986-03-31, 1987-03-31, and 1998-12-31.