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Another Stock Market New All Time High

Stock-Markets / Stock Markets 2013 Aug 03, 2013 - 05:05 PM GMT

By: PhilStockWorld

Stock-Markets

Courtesy of Doug Short: Friday's Nonfarm Payrolls for July came in a bit lighter than forecast, but the unemployment rate dropped from 7.6% to 7.4%. The devil, of course, is in the details. The market scratched its head over the report, as well as the BEA’s Personal Income and Outlays for June, which had the additional complexity of major historical revisions. Buried in the data was the fact the Real Disposable Personal Income Per-Capita is down 0.11% year-over-year.


The S&P 500 opened fractionally lower, hitting its -0.36% intraday low fifteen minutes later. It then shrugged its shoulders and slowly rallied to close at its 0.16% intraday high, which contributed to the weekly gain at 1.07%. Today’s close was another all-time high for the S&P 500.

The selloff in Treasuries moderated, with today’s official closing yield on the 10-year note at 2.63%, down 11 bps from yesterday’s close.

Here’s a 15-minute look at the week.

A daily chart give a better look at the rally, with today’s new high on light volume.

And the SPY ETF volume, which gives a better sense of retail trade participation, was a cautious 38% off its 50-day moving average.

The S&P 500 is now up 19.88% 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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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

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


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