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The Market Bears are Betting on the Phillies – Here’s Why!
To date, the Philadelphia baseball teams and their dominance culminating in a World Series championship has also resulted in stock market bears coming out of hibernation.
Causation or correlation?
We’ll leave this question up to you to answer but here are the facts to-date.
On October 14 th , 1929, the Philadelphia Athletics, then the American League team representing Philly, defeated the Chicago Cubs in 4 games. Two weeks later, the Great Crash began resulting in the Great Depression and stock prices that did not recover to their previous levels until November 1954! Unemployment peaked at nearly 25% during the Great Depression.
Fast forward 50 years, the National League Philadelphia Phillies defeated the Kansas City Royals in six games. A few weeks later, the US stock market started its decline into bear market territory as it declined 27% over a span of 622 days. Unemployment peaked at 10.8% over that market cycle.
In 2008, the US markets were already in steep decline as the Phillies defeated the Tampa Bay Rays in five games. Following the awarding of the Commissioner’s Trophy to the Phillies, the market continued its decline from 9325 on October 29 th , 2008, to 7062 on the Dow on February 13, 2009. This was an additional 15% decline. Unemployment peaked at around 10% during this bear market cycle.
While The Federal Reserve has not officially stated we are currently in a recession, the stock market has declined from a December 2021 peak of over 36,000 to today’s 30,000 level or a 16% decline. A bear market is one that declines 20% or more from its previous level. Therefore, the market bears are betting on the Phillies to win this year’s World Series. But first, they must defeat the Padres and win 4 games against their American League challenger: the Yankees or the Astros.
*During the World Series