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Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

Stock Market Selloff Accelerates

Stock-Markets / Stock Markets 2013 Oct 09, 2013 - 10:18 AM GMT

By: PhilStockWorld

Stock-Markets

Today the S&P 500 logged its 11th decline in the 14 sessions since the index hit its all-time high on September 18th, and today’s was the biggest decline — a loss of 1.23%. The index opened fractionally lower and bounced to its 0.04% intraday high in the first 30 minutes of trading. Selling then dropped the 500 to the vicinity of -1.0% as the President began his live address shortly after 2 PM (full text here). Despite his rigid stance and stern warnings about a potential default, the index traded sideways until the final hour, when a head fake to the upside was followed by a slide to its -1.23% close.Stock Market Selloff Accelerates


Here is a 5-minute chart of the day with a bit of yesterday afternoon for context.

Here is a two-hour chart since late August illustrating the march to the all-time high and the subsequent stages of selling. I’ve highlighted three phases: 1) the modest 2.53% decline from the high to the end of September, 2) the relative stability of the first four days of shutdown, and 3) the 2.07% slump so far this week.

Interestingly enough, today’s 2.66% closing yield on the 10-year note is the same as the close at the end of the first day of the shutdown.

Here is a daily chart of the S&P 500. Volume was 13% above its 50-day moving average. Yesterday it was 13% below the MA.

The S&P 500 is now up 16.07% for 2013 and 4.06% below the all-time closing high of September 18.


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

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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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© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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