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Stock Market Rally Accelerates

Stock-Markets / Stock Markets 2013 Dec 02, 2013 - 10:59 AM GMT

By: PhilStockWorld

Stock-Markets

Courtesy of Doug Short. Seven of the eight indexes in my international focus group posted gains over the past week. After three weeks as the worst performer, India’s SENSEX topped the latest list with a 2.84% surge. Germany’s DAXK came in second with a 2.02% gain for the week. The S&P 500 finished seventh with a fractional 0.06% weekly gain to finish next to last, but that was enough to register the eighth consecutive positive weekly close, the longest stretch since the nine weeks in early 2004. The UK’s FTSE 100 was the sole loser, with a modest 0.36% decline.


But perhaps the most impressive story for the week was the Japan’s Nikkei, which set a new year-to-date high of 51.29% on Thursday and finished the week at 50.66% YTD.

The Shanghai Composite remains the only index on the watch list in bear territory — the traditional designation for a 20% decline from an interim high. See the table inset (lower right) in the chart below. The index is down 36.04% from its interim high of August 2009. At the other end, Germany’s DAXK set a new high and the S&P 500 is down a mere 0.08% from its all-time high.

Here is snapshot of the YTD performances, with the volatile Nikkei as the ongoing attention-grabber.

Here is a table highlighting the 2013 year-to-date gains, sorted in that order, along with the 2013 interim highs for the eight indexes. The strong performance of the Japan’s Nikkei, despite its big correction and subsequent volatility, puts it solidly in the top spot, up 50.33%. Only the Shanghai Composite is stuck in the red YTD.

A Closer Look at the Last Four Weeks

The tables below provide a concise overview of performance comparisons over the past four weeks for these eight major indexes. I’ve also included the average for each week so that we can evaluate the performance of a specific index relative to the overall mean and better understand weekly volatility. The colors for each index name help us visualize the comparative performance over time.

The chart below illustrates the comparative performance of World Markets since March 9, 2009. The start date is arbitrary: The S&P 500, CAC 40 and BSE SENSEX hit their lows on March 9th, the Nikkei 225 on March 10th, the DAX on March 6th, the FTSE on March 3rd, the Shanghai Composite on November 4, 2008, and the Hang Seng even earlier on October 27, 2008. However, by aligning on the same day and measuring the percent change, we get a better sense of the relative performance than if we align the lows.

A Longer Look Back

Here is the same chart starting from the turn of 21st century. The relative over-performance of the emerging markets (Shanghai, Mumbai SENSEX and Hang Seng) up to their 2007 peaks is evident, and the SENSEX remains by far the top performer. The Shanghai, in contrast, formed a perfect Eiffel Tower from late 2006 to late 2009.

Check back next week for a new update.

Note from dshort: I track Germany’s DAXK a price-only index, instead of the more familiar DAX index (which includes dividends), for constency with the other indexes, which do not include dividends.

- Phil

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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)

© 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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