August 1, 2012 Market Declines for Third Day
While prices fell for three straight sessions some 57 times in this century, only a few posted changes quite this small. Take the S&P500: it has just four other closes as small as -.29 percent. Three of these occurred in 2003, in February, May and November. The last one happened this year, on May 24.August 1, 2012 Market Declines for Third Day
While prices fell for three straight sessions some 57 times in this century, only a few posted changes quite this small. Take the S&P500: it has just four other closes as small as -.29 percent. Three of these occurred in 2003, in February, May and November. The last one happened only days ago on July 24 while another closed with this pattern on May 24.
Our July post described this issue and noted the uncertainties surrounding this pattern.
The DJIA and the NASDAQ show this same history but with a slightly more frequent repeat. The DJIA has eight other closes while the NASDAQ shows thirteen.
DJIA -.26 percent
NASDAQ -.66 percent
S&P500 -.29 percent