A super "bottomy" thing
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Thursday’s 5SD SPX rally wasn’t the only one we’ve seen over the tumultuous past few years, however, it’s an event that tends to only occur after a recession or a major dislocation. Shown in the chart below, over the past ~13k trading days, it’s only happened 15 times. Shown in the table (2nd chart), returns following moves of this magnitude are larger than typical on average. Mostly interestingly, over the past 50Y or so we have never had a 5SD+ single day move in the SPX that saw stocks lower 12M on.