Posts Tagged ‘yahoo’
S&P Performance in 2008
“As of the week of November 16 stock losses in United States markets during 2008 as measured by the S&P 500 were equivalent to those suffered in 1931, over 50%. Total losses during the Great Depression exceeded 80% but that was over a three year period.”
The histogram on the left shows the relative performance of the S&P 500 year over year since 1925. The current year is running with a bad crowd – 1931, when there were between 4 and 5 million people unemployed in the US.
As for today, we saw a lot of resistance in the S&P 500 at the 900 level. The bulls were pushing it to higher lows but the bears (and those covering their positions) refused to let it go above that magic number. If you were looking at an intra-day chart you saw that the lows were getting higher and a market move on the upside or a breakdown on the downside was imminent.
I was surprised that there was even a challenge to the bears today, after all the bad news which was released. Higher unemployment, lower export and import prices, worse than expected trade balance and a lag of the auto bailout in the senate did not seem to discourage the market. I almost thought that the market had priced all of that in already.
In the end, the bulls succumbed to the bad news and left the battlefield. I would like to thank them for their efforts, but my short investments thank them for laying down.
There are a lot of juicy numbers coming out tomorrow. Be prepared for a bearish day in the markets.
For a list of all the economic releases I use Yahoo Economic Calendar, a part of Yahoo Finance – their only profitable product.
P.S. Watch out for Yahoo, it seems to be shedding its clothing and taking off its chastity belt trying to lure a buyer – one might just give them second look.
The graph was original posted on: http://www.dailykos.com/storyonly/2008/12/2/102214/940/743/668445
