Stock Market All-Time Intraday High Fades at the Finish
Stock Markets 2013Nov 30, 2013 – 01:32 PM GMT
Courtesy of Doug Short. On a light day of post-Thanksgiving trading, the S&P 500 opened higher and rallied to its mid-morning intraday high, up 0.35%, which set a new all-time intraday high for the index. Action moved sideways until the lunch hour, selling dropped the index to its 0.18% intraday low, which was subsequently trimmed to a 0.08% loss at the 1 PM early close.
The S&P 500 is up a miniscule 0.06% for the week, but that gives us eight consecutive weekly gains, the most since the nine-week streak that ended in early 2004. The index is up 2.80% for the month.
Here is a 15-minute look at the four-day Thanksgiving week.
Today’s 0.53% intraday range is at the 19th percentile of the 231 market days of 2013.
The S&P 500 is now up 26.62% for 2013 and 0.08% below the all-time closing high of November 27.
For a better sense of how these declines figure into a larger historical context, here’s a long-term view of secular bull and bear markets in the S&P Composite since 1871.
Philip R. Davis is a founder of Phil’s Stock World (www.philstockworld.com), a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders. Mr. Davis is a serial entrepreneur, having founded software company Accu-Title, a real estate title insurance software solution, and is also the President of the Delphi Consulting Corp., an M&A consulting firm that helps large and small companies obtain funding and close deals. He was also the founder of Accu-Search, a property data corporation that was sold to DataTrace in 2004 and Personality Plus, a precursor to eHarmony.com. Phil was a former editor of a UMass/Amherst humor magazine and it shows in his writing — which is filled with colorful commentary along with very specific ideas on stock option purchases (Phil rarely holds actual stocks). Visit: Phil’s Stock World (www.philstockworld.com)
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