Stock Market Pop and Slide
Stock-Markets / Stock Markets 2012 Dec 04, 2012 - 02:53 AM GMTDoug Short writes: The S&P 500 popped at the open and hit its intraday high, up 0.53%, in the first two minutes of trading. The rest of the day was a slide, with occasional bumps to a closing loss of 0.47%. The opening selloff accelerated at 10 AM with the release of the November ISM Manufacturing report, which registered a 2.2 percent drop into contraction territory for the headline index. Of course, the financial press mentions the ongoing “Cliff” anxieties, which were brought to the forefront by a GOP letter to the White House rejecting the president’s Cliff fix and countering with a no-tax-increase rejoinder.
Here is a five-minute look at today’s action.
The S&P 500 is now up 12.08% for 2012 but 3.84% below the interim closing high of September 14th.
From a longer-term perspective, the index is 108.3% above the March 2009 closing low and 9.9% below the nominal all-time high of October 2007.
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
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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