From its October 2007 highs to the March 2009 lows, the SPX had fallen from ~58%. Before today’s big move, the SPX has rallied 67%:
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Source: The Chart Store
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
"Overall household indebtedness is up from $7 trillion to almost $10 trillion since 2000. On this sum, we estimate, the American consumer has an annual interest bill of more than $500 billion; a sum, by the way, that vastly exceeds his current income growth." —Kurt Richebacher
Knowing that the vote over the weekend in Greece was really a referendum on Euro membership, a majority of the Greek Parliament said yes to staying. European Finance Ministers meet again on Wednesday to solidify the 2nd bailout package for Greece at the same time hopefully a deal is consummated between Greece and its creditors this week. The Greek 14.5b euro bond that matures on March 20th is up by 2 pts. The optimism that all will be completed and contained AGAIN to Greece has yields lower in Portugal, Spain and Italy. The iTraxx Financial Index is also narrower by...
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November 23rd, 2009 at 1:13 pm
Looks like a perfect “V” shaped recovery!
November 23rd, 2009 at 1:18 pm
AWESOME- great news-
GS making thiers- means all is right w/ America-
the Fed- now there’s some heroes- avoiding the next Great Depression- all clear sailing from here- victory!!!
anybody- where can i find a Bernake poster- Hot Topic? Wal-Mart?- probably all sold out i imagine
November 23rd, 2009 at 2:10 pm
Buy Buy Buy!
November 23rd, 2009 at 2:54 pm
Man, this thing has all the makings of another equity bubble. Clearly, at the ripe old age of 34, I don’t have the capacity of risk that I think I do….
November 23rd, 2009 at 4:43 pm
What about this bubble Ben? What bubble?
Have any idea of how this one is being created? Nope.
Could there be a correlation between it and your printing press, balance sheet and/or ZIRP? Nope.
November 23rd, 2009 at 7:35 pm
And note for the numerically illiterate, many of whom have on-air jobs on financial shows, that a 58% drop followed by a 67% gain doesn’t get you back to even.
November 23rd, 2009 at 9:01 pm
The decline is 909.3 points. a 2/3rds retracement is 600.14 points. With the low at 666.69 you should be at 1266.93. How do you explain this?