Courtesy of Doug Short: After a two-day advance, the S&P 500 took a small step back today. The index opened lower and sold off to its -0.69% intraday low just as the 10AM ISM Non-Manufacturing (aka Services) Report came in better than forcast. The index promptly rallied to its intraday high during the lunch hour. But today’s high was -0.05% below yesterday’s close. The index ended the day with a -0.28% loss. Today’s selling on so-so volume was probably attibutable to caution in advance of the big economic reports on Thursday and Friday, most notably our first look at Q3 GDP and the October Employment Report.

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

The yield on the 10-year note suggests that the government bond market is stirring in advance of the big economic reports on Thursday and Friday.

Volume picked up a bit today, but it was still below its 50-day moving average.

The S&P 500 is now up 23.61% 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

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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)

© 2013 Copyright PhilStockWorld - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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