With markets calm for now, investors are buying longer-dated options as the Federal Reserve prepares to conclude its bond buying program by October and attention shifts to when interest rates will be raised. The S&P 500 hasn?t posted a four-day streak of losses in all of 2014 and the last time it fell more than 10 percent was three years ago.
?Everyone knows how long this bull run has been, and with every day that passes, we?re one day closer to a 20 percent correction,? JC O?Hara, the New York-based chief market technician at FBN Securities Inc, said by phone. ?Some smart money is slowly beginning to accumulate downside protection.?
The bull market has lasted 2,009 days since starting in March 2009, making it the fourth-longest since 1928, according to a report from Bespoke Investment Group LLC.
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