USMarketView

May 23, 2008

Unable to hold on to Thursday up tick, the NASDAQ fell for the fourth time this week; the DJIA and the S&P500 also were off on Friday, their third negative close in the past five days.

As a result, the DJIA fell -3.91 percent this week, while the S&P500 dropped -3.47 percent and the NASDAQ lost -3.33 percent since last Friday.

With May 23 marking the 21^st Friday of 2008, today’s result has the NASDAQ falling in 12 weeks, the S&P500 now scoring its 11^th negative week, and the DJIA off for the 10^th time from Friday to Friday. Moreover, today was the fourth sharpest weekly decline suffered by these indices this year.

Looking at the past, eight Tuesdays after the Memorial Day holiday since 2000, two have been negative after Friday losses, and two have closed up after Friday declines.

The same result occurred also after the indices advanced on the previous Friday: there were an equal number of up and down days -two- on the Tuesday following Memorial Day.

(Revised, 9:15 AM, May 27.)

DJIA -1.16 percent

NASDAQ -.81 percent

S&P500 -1.32 percent

This entry was posted on Tuesday, May 27th, 2008 at 12 082008000000Tue, 27 May 2008 08:10:12 +0000 and is filed under Market Report. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.