The S&P 500 opened lower and sold off to its -0.94% intraday low 15 minutes later. About 45 minutes after that, the index had trimmed more than half its loss and slowly made its way within 0.01% of yesterday’s close by mid-afternoon. But some selling in the final 90 minutes put the close at a modest -0.29% loss.
The official yield on the 10-year note closed at 2.28%, unchanged from yesterday. However, the intraday bond action was rather dramatic. The 10-year Treasury note yield index (^TNX) opened at 23.35 (2.36%), its highest level since last November, and then zigzagged down to the equivalent of a 2.23% intraday low in the early afternoon.
Here is a 15-minute chart of the past five sessions.
On a daily chart we see that the index tested its 50-day moving average. Volume remained on the light side.
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