This from Richard Russell’s Dow Theory Letters dated December 19, 1979:
“Note that all the zero years have started poorly and have been in a state of collapse by their 5th month (May). The single exception since 1900 was the year 1950 (Issue 772. page 2.).”
How have the “zero years” from 1980 to 2020 done?
In the period from 1900 to 2020, that average percentage change has been -5.65%. The average percentage change from 1980 to 2020 has been +0.62%.
Not much can be gleaned from this perspective other than the zero years having below average market returns [+8.64% inflation adjusted] 77% of the time.