Milk Road Macro(@MilkRoadMacro):This market rally is genuinely incredible. Since 1926, the S&P has averaged 12% per year. That's 1% per month. This year alone, 91% of trading days have been above that historical daily average. Half those days saw gains 2x or more above normal. In the last 26-27 trading days, 8 of them posted 1%+ gains. If 1% daily gains kept up all year, the market would triple in 12 months. Nobody expects that which means this pace can't hold. That doesn't mean a crash is coming but it's just that the current rate of increase isn't sustainable. @ricedelman

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Milk Road Macro@MilkRoadMacro

2026.05.13 19:43

This market rally is genuinely incredible. Since 1926, the S&P has averaged 12% per year. That's 1% per month. This year alone, 91% of trading days have been above that historical daily average. Half those days saw gains 2x or more above normal. In the last 26-27 trading days, 8 of them posted 1%+ gains. If 1% daily gains kept up all year, the market would triple in 12 months. Nobody expects that which means this pace can't hold. That doesn't mean a crash is coming but it's just that the current rate of increase isn't sustainable. @ricedelman

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