Stock Market Rally Eight Gains in Ten Sessions

By: PhilStockWorld

Courtesy of Doug Short. Premarket futures were positive and the S&P 500 opened at its intraday low, up 0.15% from Monday’s close, surged for a couple of minutes but gave back much of the gain by the end of the first hour of trading. Rally mode then resumed, and the index rose to its 0.84% intraday high in the final 30 minutes of trading. It closed off its high with a gain of 0.72%, stretching the latest rally to four consecutive days and eight positive closes out of the last ten sessions.

Like yesterday, with little economic news to drive the trade, the focus remains on Q2 earnings.

Here is a 10-minute look at the week so far.

The chart of $TNX shows a close at 26.30. However, the US Treasury recorded today’s yield fractionally higher at 2.65%, unchanged from yesterday’s close but down from Friday’s interim closing high of 2.73%.

Volume was light as the market braces for earnings. The S&P 500 is now up 15.86% for 2013 and only 1.01% below the all-time closing high of May 21.

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

www.philstockworld.com

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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