Stock Market Ends Week Fractionally Off its All Time High
Stock-Markets / Stock Markets 2013 Nov 02, 2013 - 12:23 PM GMTCourtesy of Doug Short: The S&P 500 began the month with a daily gain of 0.29%, snapping a two-day decline and salvaging a small weekly gain of 0.11%. The high point of the week, and I mean literally, was Tuesday’s all-time closing high at 1,771.95, a level that was briefly surpassed shortly after Wednesday’s open, which was the first of the modest two-day mid-week slump. Today’s economic news was light, although the 10 AM better-than-expected ISM Manufacturing report assisted the index in reaching its 0.52% intraday high about 5 minutes later. Next week will bring us some major economic updates, most notably the first estimate of Q3 GDP, Personal Incomes and Outlays and the Employment Report for October.
Here is a 15-minute snapshot of the week.
Here is the equivalent snapshot of the 10-year Treasury yield, which reversed directions Wednesday afternoon and closed today at 2.65% (the official Treasury number), up 12 bps from last Friday’s close.
Here is a daily chart of the S&P 500. Volume today was 8% above its 50-day moving average.
The S&P 500 is now up 23.52% for 2013.
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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