Through February 20th there’s only been one day this year that the S&P 500 has fallen by 1% (Update: well, make that two). That marks the 3rd year in a row that the year has gotten off to an extremely mild start. In 2012 it took until March to have a 1% down day and that ended up being the only one in the first quarter. At this point in 2011 there had only been two big daily declines. On average, the S&P 500 falls by 1% 26 times per year, a little over 6 times per quarter.