Stock Market Back in Forward Gear

By: PhilStockWorld

Courtesy of Doug Short: After a mild two-day selloff, the S&P 500 shifted back into forward gear. The index opened lower, bounced into the shallow green 30 minutes later before selling off to its -0.35% intraday low in the late morning. The index then reversed directions and climbed back into the green. It vacillated a bit during the afternoon before rallying to its 0.30% intraday high in the final 30 minutes of trading. The index closed fractionally off its highs for a daily gain of 0.26%.

Today’s economic news was a mixed bag. Jobless claims were up slightly, but headline Durable Goods beat expectations. However Core Durable Goods (ex-Transportation) was essentially flat, up 0.03%.

The US Treasury put today’s closing yield on the 10-year note at 2.61%, matching yesterday’s close.

Here’s a 15-minute look at the week so far, which is down 0.11% from Friday’s close.

And here’s a daily chart. Volume on today’s advance was 7% below its 50-day moving average.

The S&P 500 is now up 18.52% for 2013 and 0.31% below the all-time closing high on Monday.

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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