Stock Market Thursday Rebound :: The Market Oracle :: Financial …
Stock Market Thursday Rebound
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Stock Markets 2014Jan 31, 2014 – 10:43 AM GMT
By: PhilStockWorld
Courtesy of Doug Short: Before the market opened, the weekly initial jobless claims missed the mark, but the Advance Estimate for Q4 GDP was a solid 3.2% — in line with expectations. The S&P 500 surged at the open, consolidated for an hour or so and then rallied to its 1.38% intraday high during the lunch hour. The index traded in a relatively narrow range and closed with a trimmed gain of 1.13%. With one day to go, to the index is up 0.22% for the week.
Here is a 15-minute look at the week so far.
The yield on the 10-year note rose 3 bps to 2.72%. Its interim high was 3.04% at the end of 2013.
Here is a daily chart of the index. Today was the second advance of the past six sessions. Volume was 18% above its 50-day moving average, but that was lower than any of the four down days.
Here is a look at the S&P 500 drawdowns (percent off highs) since the market bottom on March 9, 2009. I’ve highlighted the declines in excess of 5%. Was yesterday a drawdown bottom?
The S&P 500 is now down 2.93% for 2014.
Here is a longer perspective, starting with the all-time high prior to the Great Recession.
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.
– Phil
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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)
© 2014 Copyright PhilStockWorld – All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.
PhilStockWorld
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Stock Market Thursday Rebound :: The Market Oracle :: Financial …
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