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
While yesterday's US stock market close was poor, Asia and Europe didn't follow today as debt in Greece, Spain, Portugal, etc... rallied, their CDS narrowed and stocks bounced. The Greek finance minister said January tax revenues came in above expectations and that spending was below target for the month and said "that means the deficit reduction for January is well within what we have promised." The euro is rising in turn. Also helping is the story that Trichet is headed to the European Union leaders summit a day early in order to address Greece's problems even as the Greek finance...
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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?