The bull run is in full swing: The S&P 500 has gone 98 trading sessions without a -5% decline, its 2nd-longest streak since 2021. This also marks one of the longest periods since the 2018 record of 403 trading days without a -5% drop. By comparison, the long-term average is 59 trading days. Since 1928, the market has seen an average of 3.4 declines of -5% per year. At the same time, a -10% correction has occurred an average of 1.1 times per year. Momentum is incredibly strong right now.(The Kobeissi Letter)