| Stocks are having one of their best years ever in terms of gain per unit of pain, the S&P 500 up 20% not quite two-thirds of the way through 2021 without even a 5% setback along the way.
From a short-term view, strong and persistent rallies tend to give way to further strength in subsequent months. Of those 13 prior three-month streaks of at least a 2% gain, none of them ended at a significant market peak. In eight of the instances, the S&P continued higher the following month, with the average one-month return of all instances 1.7%, says Instinet.
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