May 6, 2011
Up Day Ends Down Week
Finally, on a Friday,
prices turned higher after heading down since Monday. Yet todays gains the NASDAQ
up .46 percent, the DJIA plus .43 percent and .38 percent for the S&P500-
failed to restore these indices to their levels a week ago. The S&P500 value today is -1.68 below last
Fridays; similarly, the NASDAQ fell -1.60 percent while the DJIA lost -1.34
percent.
Todays uptick is
consistent with the record and a further decline would have been unusual, since
only six instances exist when the markets negative string extended to five
days.
As for this coming Monday, the
odds for a second positive close are about equal to the likelihood of another down
day. The record, since 2000, shows 189 declines for todays pattern, while only
206 closes were higher.
DJIA .43 percent
NASDAQ .46 percent
S&P500 .38 percent