Today's to the point market recap comes courtesy of Bloomberg,
U.S. stocks fell, sending the Standard & Poor’s 500 Index lower for a second day, as concern grew that Greece was moving closer to default and the Federal Reserve said policy makers were divided on buying more assets.
And some more fun facts about this great start to 2012 via last night's SentimenTrader report:
- Tuesday marked the 30th trading day in 2012, and so far the S&P 500 hasn't suffered a 1% down day all year.
- Only 12 other years since 1928 have been able to last 30 days or more into a new year without suffering the indignity of a 1% down day, the last one being in 1995.
- All but one of them went at least 38 trading days into the year without a 1% down day, and the two longest went an astonishing 107 and 108 days.
- From day #30 through the end of the year, all but one of them sported a positive return, and all but two of those were more than double-digit gains.
Market enthusiasm aside, today's higher volume reversal definitely puts the market in jeopardy of a -1% day sooner than later. Apple's heavy volume bearish engulfment also does not help the cause. On Monday after Apple closed above $500 for the first time I mentioned the potential parabolic move taking place. Was today the climax top? Here's a chart of Apple's stock intraday along with an updated daily look. You be the judge.
And here is our updated look at the market indices. Keep those stops tight, stay frosty out there, and I will see you tomorrow!