March 31, 2009
Strong from the opening bell, prices maintained their improvements with the NASDAQ gaining 1.78 percent, the S&P500 1.31 percent while the DJIA closed up 1.16 percent. These gains are more than minimal. Only 8.7 percent of all positive NASDAQ closes exceed todays increase, and no more than 11 percent of all positive S&P500 days are larger.
Yet two negative readings in a row, after two successive gains are also rare in fact there are just 131 instances where declines off these indices lasted for three days. Moreover, the proportion of these three successive declines is almost identical in bad and in good years.
As for the following day, declines occur more often than another increase. The NASDAQs record shows twice as many reversals as further increases, while the DJIA, the best performer managed just an even number of next day gains.
DJIA 1.16 percent
NASDAQ 1.78 percent
S&P500 1.31 percent