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When investors are souring on the stock market, they tend to sell any rallies. And when they are willing to let the good times roll, they tend to buy any dips. So far, 2021 has been a year of buying the dips. That may explain why, in the trading year to date, every month except January finished with a gain on the S&P 500. The blue-chip index advanced 5.8% in the first half, was up 14.4% as of mid-year, and is already up 1.7% in July. Granted, historically July is the best summer month, averaging a 1.1% gain on the S&P 500 since 1980.

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