If the postelection stock market rally continues at its current pace it could be the largest stretching back to the gains scored in the wake of Herbert Hoover’s 1928 election victory.

Major indexes are trading at record levels with the S&P 500 SPX, -2.37% up more than 5% and the Dow Jones Industrial Average DJIA, -1.92% rising 7.8% since Nov. 8 over optimism that President-elect Trump will usher in a new era of economic boom on the back of higher fiscal spending and pro-growth policies.

Blogger Macro Man on Monday noted that the Trump surge is already among the biggest following an election going back more than a century. For historical context, the blog looked as far back as 1896, tracking the market’s performance between election day and inauguration and then the following 12 months after a new president has been sworn in.

“The Trumpflation rally is already quite a bit bigger than average, though there have been postwar rallies that have been bigger (Clinton, JFK, Ike.). Then again, we’re only halfway between the election and the inauguration; if the market keeps this up, it will be the biggest postelection rally since [Herbert] Hoover,” according to Macro Man.

Macro Ma

The data indicated that generally, a new president tends to preside over higher-than-average returns in their first year in office. The market also fared better in the weeks between election day and inauguration under GOP presidencies than Democrats—1.2% gains versus 3.6% decline—although on a full-year basis, stocks outperformed under Democrat presidents than GOP commanders-in-chief.

Hoover’s victory was followed by a double-digit percentage gain by inauguration day on March 4, 1929 (inauguration was moved to Jan. 20 by the 20th amendment in 1933). However, that was followed a little under eight months later by the Crash of 1929, which stands as a signpost for the start of the Great Depression.

Analysts say that doesn’t mean big postelection rallies portend crashes. But the statistics overall do suggest that there are limits to what can be read into how the market performs following election day.

Read more:How stocks have performed between Election Day and inauguration since 1928

Like Macro Man, Joe Abbott, chief quantitative strategist at Yardeni Research, also found the near-term portents encouraging.

On the average, the S&P 500 rose 6.4% during the first year of the first term of presidents since Hoover while the large-cap index rose 1.6% in the last two months of the year before the start of a new presidency. The benchmark also rose an average 4.8% during the six months following the inauguration of a new president, Abbott said.

Yardeni Research Inc.

Apart from history, the market has few other Trump cards to count on, according to Ed Yardeni, chief investment strategist at the eponymous consultancy.

While some investors argue for taking some money off the table in the wake of the gains, Yardeni argues there’s plenty of room for euphoria to build.

See:Is stock-market ‘Trumpophoria’ running out of room?

“The mania phase of this bull market may be under way. It may have further to go once overseas cash actually does get repatriated and if retail investors start to pile into the market,” wrote Yardeni in a report.

Also read: Here’s one sign that the bull market in stocks is far from over

Among Trump’s many pledges, the one that is easiest to implement, by Yardeni’s reckoning, is the proposal to lower taxes on repatriated earnings to 10% from 35%, which could trigger an inflow of up to $2.4 trillion to the U.S.

“Using that money for stock repurchases would provide a brand new and even stronger buyback incentive,” said Yardeni. “Companies could buy back their shares without using funds that first have to be borrowed in the bond market.”

A broad corporate tax cut of up to 15% from roughly 27.5% in 2015, one of the most eagerly awaited of Trump-initiated changes, could stoke the S&P 500 to dizzying heights. A 5 percentage point reduction in the tax rate would add $9.10 to S&P 500’s 2017 consensus earnings estimate of $132 while a 10 percentage point cut will boost earnings by $18, according to the strategist.

Meanwhile, he noted that recent chatter on Wall Street suggests retail investors increasingly prefer stocks over bonds, while a survey by America Association of Individual Investors showed that bullish sentiment among retail investors remained above 40% for the fourth week in a row as of Dec. 8, something that hasn’t happened in two years.

AAII

“We are all in Trump World now.” said Yardeni. “Trump World either is Door #1: a new and wonderful reality show that includes all of us as willing or unwilling participants, or else it is Door #2: just a remarkable fantasy show, or Door #3: something in between.”

Yardeni said he has drank the Kool-Aid and is rooting for Door #1.