Wednesday, November 17, 2021
The incredible bull run of 2021 continues, with the S&P 500 Index only 0.02% away from the 66th all-time high this calendar year, tied with (for now) the 65 set in 1964 and behind only the record 77 set in 1995. “We’ve run out of superlatives to describe what we’ve seen so far this year, so we’ll keep it very simple. Years like this don’t happen very often, so let’s remember to enjoy it,” explained LPL Financial Chief Market Strategist Ryan Detrick.
As shown in the LPL Chart of the Day, 66 new highs this year would be second only to 1995. With about six weeks to go this year, 2021 is on pace to just barely miss setting a new record of new highs, but they say you won’t hit the pitches you don’t swing at and 2021 still has a lot of swings left, so anything is possible.
As we noted at the start of the month, November has been the best month of the year for stocks and it has been quite strong yet again this year. But be aware that November is historically rather strong early and late, while the middle can be choppy. Suggesting new highs could be a little tough to come by in the near-term, at least until we all get our fill of Turkey next week.
Additionally, post-election years can get quite choppy from now until late in December. After the run we’ve had lately, maybe some sideways chop is necessary, but we see further gains ahead through year-end.
Lastly, be sure to watch the latest LPL Market Signals podcast, as this week Ryan and Jeff Buchbinder discuss inflation, the Fed, companies splitting up, and the consumer is healthier than what the surveys say. You can watch the full video below or directly from our YouTube channel.
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