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Stock Market Down for the Day and Month with a Bit of Drama

Stock-Markets / Stock Markets 2014 Aug 01, 2014 - 04:03 PM GMT

By: PhilStockWorld

Stock-Markets

Courtesy of Doug Short.US equity markets ended the month with a selloff. The S&P 500 and the Dow both posted their first monthly declines since January. The popular press has a grab-bag of explanations, most notably Argentina’s default, the chess match against Russia, and concerns that a Fed rate hike might come sooner than expected. The S&P 500 opened at its -0.25% intraday high and sold off in a couple of waves to its -2.00% close at its intraday low. The 1.79% daily trading range was at the 97th percentile for the year, and the daily decline was the fourth worst of 2014. The VIX volatility index was up 27.16%, by far its biggest jump of the year.


Interestingly enough, despite some morning volatility in the 10-year note yield index, the Treasury put the official closing yield at 2.58%, up a mere 1 bp from the previous close. It is now 14 bps above its interim closing low of May 28th.

Here is a 15-minute chart of the past five sessions. The S&P 500 is up 4.45% year-to-date.

We can see on a YTD daily chart that the index plunged dramatically below its 50-day moving average — something that happened once before this year, back in January. Volume was 37% 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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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)

© 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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