After five straight down days, the market returned to its normally scheduled melt up. Futures were up strongly very early going and the 8:30 AM government release on jobs data pushed them up even higher as a better than expected job number AND lower unemployment rate did not create a "oh no, good news means the Fed is going to take away our goodies immediately" reaction. Probably a good part of this is the market was short term oversold as we showed yesterday. Today's rally almost created a 9th straight up week but some selling in the closing hour created a narrow miss. For the day the S&P 500 gained 1.12% and the NASDAQ 0.73%. The S&P 500 has now been up 7 "Jobs Fridays" in a row.
What the heck is going on? Five down days in a row? Bernanke is not happy! Granted this selling is very mild day to day, and comes after eight weeks up in a row. Of course we have been spoiled and this feels unnatural. The S&P 500 fell 0.43% while the NASDAQ fell a more mild 0.12%. As usual we are in the backwards game where good news = bad news, and bad news = good news as the latter means the Federal Reserve keeps all hands on deck. This morning 3rd quarter GDP was revised upward (which is good for the economy) but Wall Street didn't like it much.
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Stocks closed Tuesday with losses, putting together a rare 3 day losing streak; only the second since September. The S&P 500 fell 0.32% and the NASDAQ 0.2%. So while we are in day 3 of a pullback, this is very mild. There was a break in economic news for the day but it gets hot and heavy the rest of the week.
The S&P 500 closed below its 10 day moving average for the second time early October - that shows you how strong this trend has been. The only other time was the outside reversal day marked in yellow; that was immediately followed by a sharp rally. The NASDAQ continues to pull back from the top of the year long channel it has been in; it hit the top of it Friday.
Hello and welcome back. Last week we mentioned the two days around Thanksgiving since the 1940s typically had a 70% chance of a positive gain, with an average return of 0.3%. It was sort of spooky how that almost happened to the exact decimal point. Anyhow, we began the month of December in this spectacular year with some minor give back as the S&P 500 fell 0.27% and the NASDAQ 0.36%. Retail stocks were hit some as initial reports were of reduced sales year over year post Thanksgiving but these initial reports usually tend to be spotty. The market has been up eight weeks in a row which is very rare. It is due for some sort of breather.