Quote of the Day

"The problem is we have cyclical bulls, cyclical bears, secular bulls and secular bears. They vary in length and magnitude so there are no all-clears when you’re in it."

(Ben Carlson)

Chart of the Day

During the last 6 recession, the S&P 500 has gained an average of 61% from its low by the time the official end of the recession was declared by NBER.