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Tuesday
Jul122011

A Manic Market

Just one week after the S&P 500 finished off an historic stretch where all 24 industry groups finished higher on four out of five days, the index has now had two straight days where all 24 groups were down.  That makes it six days in the last ten where all 24 groups finished the day in the same direction (up or down).  Looking back over the last ten years, there have only been three other periods where this has occurred.  Those occurrences are highlighted below and came in August 2007, November 2008, and June 2010.  

As shown in the charts, the last two occurrences came near intermediate-term market lows, but the occurrence before that came in the midst of the S&P 500's last ditch attempt to rally right before the long bear market began.  Apropos to the title of this post, these occurrences have preceded big moves (up or down) in the market, so a stable and sleepy Summer of trading is probably out of the question.

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