June 21, 2011 NASDAQ Best Day Since January
Adding 2.19 percent, the NASDAQ scored its third plus-two percent day in 2011. Gains in excess of two percent are rare: just seven occurred in all of last year. Sizeable gains also came to the DJIA up .91 percent- and its best day since last Tuesday. The S&P500s 1.34 percent represents its best day since mid-April.
These three indices continue to maintain uneven patterns; the NASDAQ now has two consecutive advances compared to four for the DSJIA and the NASDAQ. Todays combination occurred on only 14 days since 1950, with just five since 1999.
The distribution of these five, over market expansions and declines, yields no insights about the future. Two incidents came during the 2000/2003 declines, while the other three were during the 2003/2007 and the current expansions.
Projecting tomorrows changes based on this history, yields two positive days and three declines for the DJIA as well as the S&P500. The NASDAQ had three gains and two losses.
Yesterdays forecast of todays changes were on the money for the NASDAQ but were wrong for the DJIA and the S&P500.
DJIA .91 percent
NASDAQ 2.19 percent
S&P500 1.34 percent