March 21, 2011 Strongest Advance Since March 3
Todays results are unusual as the three indices
Regained their pre-Fukushima closes of Friday, March 11
Posted their third straight increase,
Scored the largest increases ever when advancing three days in a row, and
Had just 167 days with increases larger than today.
Todays pattern of three successive gains after three losses in a row, occurred only eight times before, with just two others since January 2000. On the following day, in the past, the S&P500 fell twice, while the DJIA and the NASDAQ went up once and fell once.
Moreover, the record fails to support a rosy outlook many, if not most, of these triple day gains by all three indices came while the market was enduring the two sharp drops between 2000/2003 and 2007/2009.
Yesterdays projection for today, favored a decline in prices. It was not realized, even though history records losses outnumbering gains for that pattern.
DJIA 1.50 percent
NASDAQ 1.83 percent
S&P500 1.50 percent