USMarketView

September 11, 2008

The NASDAQ gained 1.32 percent, its largest increase since August 22, 13 days ago. The S&P500 was up 1.39 percent while the DJIA, the strongest index of the day, increased 1.46 percent.

Today is the 28^th time in 2008 that all three indices advanced more than one percent. Of the 173 trading days of the year, only 16 managed moves at a stronger rate than today.

To consider what might happen tomorrow, we look at the closing pattern of the last three days. The sequence is +2/-1, that is, increases today and Wednesday, following Tuesday’s decline. In the previous seven cases of 2008, this combination was followed by three up days for the NASDAQ and the S&P500, and two positive days for the DJIA. Moreover, the last two occasion of this pattern saw all three indices declining on the following day.

For the Record:

Comparing today’s gains for these three averages with their on balance 2008 record, as posted yesterday, reveals that today is their third straight uptick in a row. This result is consistent with their past: more advances than declines in this sequence.

DJIA 1.46 percent

NASDAQ 1.32 percent

S&P500 1.39 percent

This entry was posted on Thursday, September 11th, 2008 at 12 042008000000Thu, 11 Sep 2008 16:28:09 +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.