USMarketView

August 28, 2008

It was the best day since August 8! Today’s increases, ranging from 1.22 percent for the NASDAQ to 1.85 percent for the DJIA, were the largest in 14 trading days.

In fact, only nine other instances exist since 1950, when all three indices together, on the same day, added percentage increases in these amounts. As for this decade, there are only two days.

Considering these results in terms of daily trading patterns, we now have three straight upticks for the DJIA and the S&P500, following their losses on Monday. In short, this is a +3/-1 run.

The NASDAQ configuration with today’s advance, after moving ahead yesterday, becomes +2/-2.

This scheme has occurred 6 times since 1950 but only 4 times in this century. Three accompanied the 2003 to 2006 upsurge, while one, on March 21, 2000, even while prices were rising, took place just before that downturn.

Turning to the next day, since 2000, all these indices moved higher three times and fell on only one day.

For the Record:
Comparing today’s gains for all three averages with their history, as posted yesterday, indicates that their performance exceeds the average number of gains achieved in the past.

DJIA 1.85 percent

NASDAQ… 1.22 percent

S&P500 1.48 percent

This entry was posted on Thursday, August 28th, 2008 at 12 052008000000Thu, 28 Aug 2008 17:04:23 +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.