Apr

22

At the end of each month, checked the DOW high daily closes back to 1980. If this month's high was a new all-time high (not including dividends), noted the following calendar month's return (actually 21 days). This next month return was compared to calendar months following those which were not new all-time highs:

Two-sample T for mo aft vs non month

                  N     Mean    StDev    SE Mean
mo aft        111  0.0109  0.0391   0.0037  t=1.0
non month  216  0.0059  0.0433   0.0029

This is somwhat bullish, and one notes the Dow is making a new all time high again this month. 


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