Today’s 3rd Estimate of Q1 GDP shocked to the downside, but the GDP is backward looking, and the market couldn’t care less. The S&P 500 hit its -0.13% intraday low two minutes into the session and then began its fairly steady recovery to its 0.56% intraday high about 15 minutes before the close. A bit of selling in the final minutes trimmed the gain to 0.49%. The index is now a mere 0.17% off its record close on Friday.

The yield on the 10-year note ended the day at 2.57%, down 1 bps from yesterday’s close. It is now 13 bps above its interim closing low of May 28th.

Here is a chart of the past five sessions.

Here is a daily snapshot of the S&P 500. Volume on today’s GDP post-mortem financial press was (yawn) one percent above its 50-day moving average.

For a longer-term perspective, 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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