USMarketView

June 10, 2008

For the second time this week, the three indices failed to change in their typical, uniform manner. On Monday, the NASDAQ fell while the other two indices rose. Today, the NADAQ and the S&P500 fell, while the DJIA closed higher, as it did yesterday.

Moreover, the percentage changes in all three indices stayed relatively small on both days, quite contrary to Friday’s major declines, of, or greater than, minus three percent.

The S&P500 has had alternate up and down days since Thursday of last week. The period between 1950 and the end of 1999 experienced 180 strings of this kind; there have been 70 between 2000 and 2007, and five so far this year. As for the 2008 experience, the following day has been negative twice, and positive three times.

The DJIA daily close pattern is different: today was the second decline in a row, with alternate up and down days before, and an earlier four straight negative closes.

Finally, the NASDAQ fell today –its third successive loss in as many days. Previous to last Friday, it had two straight gains, following the two consecutive losses of last Monday and Tuesday. While there have not been any of these chains this year, there were, however, ten such series between 2000 and the end of 2007. Only three of these turned positive the following day, while the seven others turned negative.

DJIA .07 percent

NASDAQ -.43 percent

S&P500 -.24 percent

This entry was posted on Tuesday, June 10th, 2008 at 12 052008000000Tue, 10 Jun 2008 17:24:55 +0000 and is filed under Market Report. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.