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Friday
Nov232012

42

If last Thursday's close holds as the low of the Fall pullback (and it's certainly still a big if), it will end up looking remarkably close to the pullback we saw back in April and May.  The April/May pullback lasted exactly 42 trading days and saw the S&P 500 fall 9.93% from a bull market high.  The September through November pullback also lasted 42 trading days and saw the index fall 7.7% from a bull market high.  The S&P 500 has now bounced 3.6% since last Thursday, and it has posted gains for five consecutive days.  If the pattern from earlier this year is repeated, we're set for a continuation of the rally through the end of the year.  We'll see.  

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