From down 326.38 points at the low, to closing up 298.98, yesterday was one of the biggest Dow point swings in history.
But where does it rank overall?
Paul takes a romp thru the data, going back to 1931, and gives us some good insights:
• This was the 2nd biggest point snapback rally in terms of points;
• In percentage terms, yesterday did not even make the top 10 — it was #30!
Paul adds that following these intra-day reversals, markets over the next day, week, month, or quarter were, on average, up marginally, but "nothing to write home about."
Top 10 Intraday Dow Point Swings:
Top 10 Intraday Dow Percentage Swings:
Good stuff, Paul.
I’m also waiting to see what the boys at the Bespoke Group come up with — this is the sort of stuff they love to sink their teeth into. If we can see the same studies for the Nasdaq and SPX, we’ll really be onto something . . .