Last week was the first in 16 months that the market moved up or down at least half a percentage point every day. That streak was moderated by Monday's 0.25% drop in the Dow Jones Industrial Average (DIA) to 17,071.22, a modest-sounding percentage drop that masked about 100 points of volatility.
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After a long stretch of low volatility, the whipsawing is striking. And judging from the noise some bears were making, it sparked a level of angst unknown since the market's 4% drop less than six months ago. Even before this week, investors were inching out of U.S. stock mutual funds, pulling $10 billion since mid-August.
But April's bout of nerves passed, letting the S&P recover its losses by May. This bout will pass too.
Of course, we could still see a sharp pullback, especially is there's some dramatic geopolitical or economic event. But barring that, here are four reasons why we're not yet at a market top.