Bespoke Investment Group’s observation may explain why.
Quantifying Frustration
Excerpt: "How do you quantify frustration with the market? The chart below may help. Recently it seems that every time the market has an up day, it goes down the next day by a greater amount than it was up. Based on a historical analysis of this scenario, the last 50 days are about as annoying as they get for the bulls.
As shown below, an up day followed by an even greater down day has happened 15 times in the last 50 trading days."
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