In September, we went through the first prolonged consolidation period in a year. It is now over a month since the S&P 500 last stood at an all-time high, but still the drawdown up to now was only around 6%.

Such a consolidation was expected for quite a while and it is entirely normal: A 10% stock market correction takes place every 11 months on average. More unusual is the exceptionally strong and uninterrupted momentum the stock market has been showing all year.

Should we be worried about the end of such a long winning streak?