November’s Gift Continues
by Zach Marsh on Nov 27, 2020
November’s remarkable run continued during this abbreviated week. We’ve had nearly a year’s worth of market returns in this month alone. For the year, the S&P is up around 15%, with just about 80% of that return occurring this month alone. The Dow Jones Industrial Average is on tap for its largest monthly percentage gain since January 1987.
This year has truly been a market year for the ages. The speed at which we bounced from the market lows in March to end up at the levels we sit at today is worthy of all the hyperbole that can be used to describe it. While we have covered here ad nauseum the extent to which market valuations seem to be extremely stretched and approaching levels unseen since the tech bubble of the late ‘90’s, sometimes we do have to take a step back and just marvel at it all. Who knows how long it will continue--my guess would be as wrong as anyone else’s. Clearly, momentum is still driving this market and money is out there left to chase it.
I hope that all of you had a wonderful Thanksgiving and were still able to kindle a bit of love and togetherness despite everything going on today. Stay safe.
Thanks for reading,
Zach and Dave
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