Salient to Investors:

Laszlo Birinyi at Birinyi Associates said:

  • Investors and analysts are obsessed with the idea of a correction despite their vain efforts to foretell one.
  • Corrections are event-driven and not organic.
  • Of the 6 bull markets since 1982 – with 14 bull-market corrections – this one has had the most at 4.
  • One exceptionally bad day usually accounts for about 25% of the entire correction, and is more likely to occur toward the end of the correction – in the final month in 7 correction.
  • Only 6 catalysts triggered corrections, but none from traditional technical analysis. The US economy was at least partially blamed for 8 of the 14 corrections, followed by foreign economies for  7, the Fed and interest rates for 5, US politics for 4, fundamentals for 3, and geopolitics for 2.

The US market has risen for more than two years without a 10 percent correction.

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