gain for the SOX adds to a 9.5% gain for the index last week. As shown in the chart below, that 9.5% rally is historically large, especially relative to the past several years. In fact, the five-day gain through Thursday’s close stands in the top 5% of all five-day runs for the index. While there was another occurrence as recently as the five days ending March 15th, moves of this size have been fairly uncommon in the past decade. Prior to the most recent and March occurrences, the only other recent instances were in November and the spring of last year. Prior to 2020, the past decade only saw a small handful of other instances of rallies in the 95th percentile or better. Conversely, the volatility of the Financial Crisis and the late 1990s and early 2000s led to more frequent clusters of top 5% moves. Here is what happened next
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