This Could be the Worst Day in Two Months

At Barry’s site, Peter Boockvar notes:

To put this decline in stocks into perspective and to highlight how relentless and extended the rally has been of late, a .7%+ closing decline in the S&P 500 today would be the biggest one day fall since late Nov.

He’s right. The S&P 500 fell 1.43% on November 23rd. It fell 0.75% on November 26th. The biggest pullback since December 15th was a drop of 0.21% on January 6th.

As I write this, the S&P 500 is at 1,280.13 which is a loss of 1.15%. To keep the 10-DMA streak going, the S&P 500 needs to close above 1,280.46.

Update: Yep, it’s the worst day for the S&P 500 since November 23rd. That was 38 sessions ago. The S&P closed at 1,281.92 today which is a drop of 1.01%.

The S&P 500 closed above its 10-DMA for the 34th day in a row, but we lost a lot of comfort room. The run will be over if the index closes below 1,081.05. That’s a drop of just 0.07%.

Posted by on January 19th, 2011 at 4:33 pm

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