The 26-year wait is still intact as the Knicks failed to close out their playoff series at MSG last night, hopefully they don’t get another shot at it on Saturday. Speaking of rare occurrences, let’s discuss the volatility seen during the month of April. As of mid-day, the S&P 500 is down just under 2% for the month, its third consecutive monthly decline, but the close-to-impeding close mark doesn’t do any justice to the volatility. Following Liberation Day, the S&P 500 had an intra month max drawdown of nearly 14% and is currently about 14% off those lows. This has only happened 11 times since 1970. The last time was at the start of Covid, prior to that 2018 during the China trade war in Trump 1.0 and then you’d need to go back to the GFC in 2008 where it happened for three consecutive months, no wonder many traders still suffer from PTSD. However, this month stands alone, as the overall decline pales in comparison to those other instances which on average ended the month down 11.6% with every other instance ending the month down at least 7.5%. So maybe it doesn’t pay to watch the market every day (but please keep reading the Mid-Day!)

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