April 24, 2012 NASDAQ Falls Fifth Day in a Row
While unusual, today’s fifth straight drop of the NASDAQ does not imply a significant drop in future prices. While there have been six such closes in the past 13 years, only two occurred during bear market declines. The other four accompanied the 2003/2007 rally.
Moreover, prices actually moved higher on the following day in four of those six days.
Altogether, since the beginning of this century, the market has seen 39 strings of five NASDAQ declines in a row. Yet less than half -only 16- of these fell for six straight sessions.
DJIA .58 percent
NASDAQ -.30 percent
S&P500 .37 percent
