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Market Oracle FREE Newsletter

Urgent Stock Market Message

Italian Election Concerns Torpedo the Stock Market Rally

Stock-Markets / Stock Markets 2013 Feb 26, 2013 - 10:28 AM GMT

By: PhilStockWorld

Stock-Markets

Courtesy of Doug Short. The US indexes rose at the open on optimism from Europe, with all eyes on the big vote in Italy. The benchmark S&P 500 hit its intraday high about 30 minutes into trading and then began pulling back as post-election concerns began circulating. The index appeared to stabilize later in the morning around the opening price, but the afternoon witnessed an accelerating selloff to the worst daily decline since 2.37% swan-dive the day after the US Presidential election. The index closed at its intraday low, probably not a good sign for tomorrow, off 1.83%.


Here is a 5-minute chart of today’s rollover. The index tried to steady itself at the 1510 level, then the 1505 level. 1500 offered zero support.

Here is a daily chart with callouts highlighting today’s selloff with the November 7th selloff following the November 6th Presidential election. The index is now about 11 points (about 0.75%) above its 50-day moving average.

The S&P 500 is now up 4.32% for 2013 and 2.81% below the interim closing high of February 19, 2013.

From a longer-term perspective, the index is 119.9% above the March 2009 closing low and 4.9% below the nominal all-time high of October 2007.


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.

PhilStockWorld Archive

© 2005-2018 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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