How Do Markets Perform After Hitting All-Time Highs?

(Before It's News)

Be prepared for the next great transfer of wealth. Buy physical silver and storable food.

zerohedge.com / By Tyler Durden / April 18, 2013, 09:45 -0400

New all-time highs in the DJIA are a rare occurrence generally greeted with strong market emotions. The last few weeks have seen asset-gatherers clambering over each other to appear on TV proclaiming ‘victory’ and suggesting now is the time to buy stocks or miss out!! However, when one looks at the actual data (as opposed to anecdotes), while the returns one year out are fairly similar (6.72% after setting a new high vs. 7.07% on average over the last 113 years) Barclays finds that it is in the one-quarter time frame that the difference is most stark (-0.40% after setting a new high vs. 1.63% overall). This suggests a bias to profit-taking (and choppy trading) at all-time record highs, as opposed to a moon-shot.

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Thanks to BrotherJohnF

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