August 21, 2012 Small Declines
Prices fell for the second day in a row as the market backed off after values continued their recovery. The NASDAQ closed at 109.4 percent of its 2007 high, 870 market days after the March 2009 bottom. Finally the DJIA and the S&P500 have resumed their recovery, and today reached 93.2 percent and 90.3 percent of their high in 2007.
Today’s pattern of two losses in a row is quite common, having occurred 166 times in the 3,120 sessions in this century. In the past the following day was distributed almost equally between a further loss -78 days- and an increase -86 times.
Yesterday’s changes were too small to permit a projection for today.
DJIA -.51 percent
NASDAQ -.29 percent
S&P500 -.35 percent