Courtesy of Doug Short: With no economic news to distract, the market’s levitation continued, although at a reduced pace. The S&P 500 spent the day in a relatively narrow trading range between its late morning high and afternoon low (+0.31% and -0.12%). How narrow? The 0.43% intraday range was at the 11th percentile of the 109 market days thus far in 2014. The index closed with a 0.09% gain, modest — but this was the ninth record close in eleven sessions.

The yield on the 10-year note rose 2 bps to close at 2.62%. It is now 18 bps above its interim closing low of May 28th.

Here is a snapshot of the S&P 500 over the past five sessions.

For a longer-term perspective for my use of the term “levitation”, here is a pair of charts based on daily closes starting with the all-time high prior to the Great Recession.

- 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)

© 2014 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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