Courtesy of Doug Short.
Asia-Pacific and eurozone indexes closed lower today, with the geographic proximity of the later to the military coup in Egypt no doubt a factor, as is the political turmoil in Portugal. The S&P 500 hit its -0.60% intraday low in the first two minutes of trading. About 90 minutes later the index made up its mind to rally and hit its intraday high, up 0.30%, fifteen minutes into the lunch hour. In the final 45 minutes of the holiday shortened session, most of the gains evaporated, and the index closed with a fractional 0.08% gain, another nowhere conclusion to an intraday trading range of range of 0.91%.
The pre-open employment numbers from ADP and TrimTabs offered some hope of a good jobs report on Friday, although the correlation of these indicators with the BLS employment data isn’t very reliable. Meanwhile, let’s enjoy Independence Day and tune in Friday morning for the latest Nonfarm Payrolls number and the monthly unemployment rate.
Here is a 10-minute look at the week so far.
The S&P 500 is now up 13.27% for 2013 and 3.22% below the all-time closing high of May 21.
For a better sense of how these declines figure into a larger historical context, here’s a long-term view of secular bull and bear markets in the S&P Composite since 1871.
