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

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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)

© 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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