Today marked 5 straight lower monthly closes for the Dow for the first time since 1981 (thanks to Allan for that observation).
Other occurrences were 1973, 1966, 1953, 1946, 1942 and 1937, but the Dow never did it in 1929-32, believe it or not.
Some details:
Five straight in 1937 - marked most of the decline of the '37-'42 bear. (195-112; final low was 93)
Nine straight into the 1942 low, one of the greatest buying opportunities of the 20th century, and the last one under Dow 100.
Six straight in the panic of '46, when everyone feared that deflation would return after the war ended. Market was flat for three years after that.
Six straight at the start of the '53 recession, but a very nice two years after that.
Eight straight into the '66 low.
Six straight into June of '73, but looks like the market didn't put in a good rally until October, and we all know what 1974 was like.
Six straight into the September '81 low. Final low, only about 4.5% lower, came 11 months later.
All FWIW. |
