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SPX Snapshot: Another Day, Another Record Close

  • Written by Syndicated Publisher No Comments Comments
    May 19, 2015

    The S&P 500 traded close to its opening price for the first 90 minutes of the day and then drifted higher to its modest gain of 0.30%. Another day, another record close for the index … in fact, its third consecutive record close. After 94 market days, the index is up 3.41% for the year, but nine of the 94, nearly 10 percent, have been at record levels.

    The official yield on the 10-year note closed at 2.23%, up nine bps from the previous close.

    Here is a 15-minute chart of the past five sessions.

    Is the slow drift this year a sign of an approaching top? Time will tell. For an interesting comparison, here is an aligned overlay of the twin peaks of 2000 and 2007 along with the current price.

    A Perspective on Drawdowns

    Here’s a snapshot of selloffs since the 2009 trough.

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    For a longer-term perspective, here is a charts base on daily closes since the all-time high prior to the Great Recession.

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    Images: Flickr (licence attribution)

    About The Author

    My original dshort.com website was launched in February 2005 using a domain name based on my real name, Doug Short. I’m a formerly retired first wave boomer with a Ph.D. in English from Duke. Now my website has been acquired byAdvisor Perspectives, where I have been appointed the Vice President of Research.

    My first career was a faculty position at North Carolina State University, where I achieved the rank of Full Professor in 1983. During the early ’80s I got hooked on academic uses of microcomputers for research and instruction. In 1983, I co-directed the Sixth International Conference on Computers and the Humanities. An IBM executive who attended the conference made me a job offer I couldn’t refuse.

    Thus began my new career as a Higher Education Consultant for IBM — an ambassador for Information Technology to major universities around the country. After 12 years with Big Blue, I grew tired of the constant travel and left for a series of IT management positions in the Research Triangle area of North Carolina. I concluded my IT career managing the group responsible for email and research databases at GlaxoSmithKline until my retirement in 2006.

    Contrary to what many visitors assume based on my last name, I’m not a bearish short seller. It’s true that some of my content has been a bit pessimistic in recent years. But I believe this is a result of economic realities and not a personal bias. For the record, my efforts to educate others about bear markets date from November 2007, as this Motley Fool article attests.


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