And the Survey Says…2011?
The markets continued their push higher today with all the indices up. The DJIA was up 122 points, the SPX was up 16 and the Nasdaq up 42. Some folks are trying to compare this selloff and bottom to that of 2011, but for a wide variety of reasons I don’t think that will play out.
We are at a whole different stage of the game now. And as I discussed weeks ago, some of the indicator readings we got, were not only more severe than 2011, they were as severe as the fall of 2008. Now nothing goes down in a straight line and that is what we are now dealing with. In tonight’s Weekday Market Wrap video I look at the market action and at IBM, FB and AAPL. Continue reading
All the indices were up at the beginning of the session but started to fade and went negative after about 2 hours. So after the S&P500 was up 19 points, it ended down 27 points for the day. This looks like and acts like a reversal day but we’ll need to see follow-thru.
The DJIA was up 293 points today as volatility continues to ripple thru the global markets. Several of the global markets have made efforts at retesting the August 24-25 low but so far the U.S. markets haven’t. I review several of the global markets along with our market in tonight’s Weekday Market Wrap video. I also review the two big percentage gainers of the 56 stocks I am closely watching.