Although this has been one of the most volatile stretches we’ve seen in a long time, even without counting the wild after-hours and premarket swings, the market still managed to close on a positive note.

The theme of 2025 is green. Every major asset class, including equities, bonds, gold, and crypto, is positive year-to-date. That has not happened since 2019, which shows how broad this year’s rally has been across all markets.

It’s rare for the Fed to ease monetary policy and cut rates amid rising inflation and a melt-up in the equity and credit markets. But for investors, this is pretty great.

This market breadth has not been the only unusual thing.

Despite the current volatility, the S&P 500 has now gone 100 days without a 5% pullback. The historical average is 59 days. It shows how smooth the ride has been over the past three months. But this streak will eventually end.

The main reason for that is simple: persistent buying.

2025 has seen record inflows.

Each month has averaged roughly 3.5 times the usual seasonal pace, according to Bloomberg Intelligence. At this rate, annual inflows could exceed 1.25 trillion dollars, which would be unprecedented.

It has been a while since volatility played a meaningful role.

The VIX just spent six straight days above 20, its longest stretch since May. It even reached 29, the highest reading since April.

One of the reasons for this volatility is options.

On Friday, October 10, the market recorded the largest options trading day in history.

Last week, on Thursday, the S&P 500 closed at an all-time high. On Friday, it dropped more than 2.5%. Historically, quick pullbacks from all-time highs have often led to higher prices over the next 12 months. But the following weeks tend to be even more volatile.

No month has historically produced more 1% up or down days than October.

This year’s volatility fits that pattern perfectly.

On top of that, based on historical patterns, the coming days are typically among the weakest…