Don't get used to it!

Yes, 2017 has been a very good year for equity investors. Honestly, given the overall setup going in, a good 2017 should have been no big surprise to anyone. What has been surprising to us, however, is the remarkably low level of volatility! Make no mistake folks, in that regard, 2017 was highly unusual.

Here's Bespoke Investment Group illustrating how 2017 was only the 7th year on record where the S&P 500 was (assuming it holds) never down more than 5% from its year-to-date high:

click to enlarge...


This is absolutely not something you and I should become accustomed to!