今天不仅跳空高开,还连涨三天了。S&P 500 is reaching an interesting milestone today by gapping higher and holding it for the fourth straight session. Using SPY as a proxy for the index, that’s only happened once before since 1993 -- and that was in the first week of 2018. This appears to be an ominous signal given the vol explosion that happened a month later. But in the near-term, things might keep plowing ahead. While there was only the one prior incidence of four gap-and-holds in a row, there were a total of 26 episodes where it happened three days in a row. For 20 of them, the index was higher a week later, with an average return of 48 bps and a median of 109 bps. During the QE era since 2010, those numbers are even better at 93 bps and 127 bps, respectively. #stocktalk