Another Stock Market All-Time High

By: PhilStockWorld

Courtesy of Doug Short.The S&P 500 traded in a narrow range through most of the session but rallied in the final 30 minutes to close at its intraday high, up 0.31% for the day and 2.76% for the week. That’s the second best weekly performance of the year, bested only by the 4.57% weekly gain on the first Friday of 2013 (the Fiscal Cliff relief rally), although that week actually started in 2012, beginning on Monday, December 31.

This week saw its biggest gains at three of the opens (Monday, Tuesday & Thursday) and today’s close. The major market-mover, of course, was Chairman Bernanke’s dovish comments late Wednesday following his NBER-sponsored speech to economists in Cambridge, MA. The index gapped up at the open on Thursday, the day that accounted for the biggest chunk of this week’s gain. The index has now risen for seven consecutive days (although Wednesday was a close call) and 11 of the past 13.

Here’s a 30-minute look at the week.

Today’s gain came on reduced trading volume, about 10% below its 50-day moving average.

The S&P 500 is now up 17.81% for 2013 and sits at a new all-time high.

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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