The S&P 500 is up 14% in 2023. But if one were to exclude gains from the eight best sessions so far, the index would actually be trading in the red.
“Those winning sessions came with positive news on short/long term interest rates, Big Tech earnings, and avoiding an imminent recession,” Colas said in written commentary shared with clients and MarketWatch on Wednesday. If nothing else, this analysis helps to underscore the risks investors face from trying to time the market, a popular practice on Wall Street.
“The adage that the stock market takes the stairs up but the escalator down is absolutely true. The stairs take more time and can occasionally seem exhausting. But they are the only way up,” Colas said.
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