Rising Interest Rates Fail to Prevent Another Stock Market New All Time High

By: PhilStockWorld

Courtesy of Doug Short: This morning’s jobless claims report showed a big drop in new claims (although the latest number is about 12,000 higher than the six-month moving average). The S&P 500 opened higher and then slowly drifted yet higher to its 0.52% intraday high shortly before its slightly trimmed closing gain of 0.47%, which is another all-time high.

According to the U.S. Treasury, the yield on the 10-year note closed at 3.00%, a new interim high and the highest yield since July 2011.

Here is a 15-minute look at the past six sessions, starting with the big post-FOMC rally on December 18th.

In keeping with the holiday season, volume for the last three sessions was appropriately light.

The S&P 500 is now up 29.16% 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

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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