Prices remained on their see-saw, posting losses following Friday’s gains. The down after an up day configuration, though is not uncommon: today’s is the 492nd repeat over the more than 3,300 trading days in this century. What is rare, however, is the near zero percent change price change from the day before.
There have been just three previous days with changes this negligible. These happened in October 2004, November 2006 and June 2011. Our diagram reveals that these minor daily changes preceded a major prices decline only once, and that was in 2011. Values appreciated quite sharply, however, after the two earlier incidents. These advances, moreover, extended for many days.
The recent breakthroughs by these three indices to levels seldom seen before deserve attention. Yet their current prices seem modest compared to their levels at the last, October 2007 market top. Yes, the NASDAQ now stands at 113.5 percent of that high, but it remains substantially below its all time, dotcom high. However, the DJIA has recovered only 98.6 percent of its 2007 top while the S&P500 remains at 96.9 percent.
DJIA -.16 percent
NASDAQ -.06 percent
S&P500 -.06 percent
