The S&P 500 closed 6.66% away from the highs yesterday. After today is it 10.2% away and officially in a correction. February 2016 was last time it was in a correction. This is the first time in history the S&P 500 went from a new all-time high to 10% correction in 9 days or less.

Could another bounce in the price of Uncle Sam’s debts be in the cards?

 continuous contract, last 10 years

March T-Bond Futures

The market has gone 18 months without a 5% pullback, the longest in history. At some point, the market will pull back as profit-taking takes over. Until then enjoy the ride.

The US economy is in its third-longest expansion since 1854 and has been growing for eight years and seven months. Another 1.5 years of growth will make the expansion the longest one on record.