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Here's a list of dates when the S&P 500 crossed above the 1200 level.
1. 12/21/1998
2. 4/18/2001
3. 7/12/2001
4. 7/26/2001
5. 12/14/2004
6. 12/21/2004
7. 2/4/2005
8. 2/11/2005
9. 2/24/2005
10. 6/1/2005
11. 6/9/2005
12. 6/13/2005
13. 6/28/2005
14. 7/5/2005
15. 7/8/2005
16. 10/31/2005
17. 9/16/2008
18. 9/18/2008
19. 9/25/2008
20. 4/14/2010
21. 4/20/2010
22. 4/29/2010
The S&P 500 closed today at 1186.68 . Can't you just feel the excitement in the air? Once we cross 1200 for the 23rd time, there's probably no turning back.
Source Data:
Yahoo: S&P 500 Historical Prices
ICE: Mortgage Delinquency Rate Increased Year-over-year in October
-
From ICE: ICE First Look at Mortgage Performance: Serious delinquencies hit
17-month high while foreclosure activity remains historically muted
• At 3.45% ...
2 hours ago
6 comments:
Yogi's right,
"It's deja vu all over again"
: )
watchtower,
It only took two days for this long-term sarcastic joke to pay off. Who could have known?
The future ain't what it used to be. - Yogi Berra
I don't play in the stock market. But if I did, looking at those dates, this would be a screaming sell signal to me.
By the way, Mark, as I continue to read and contemplate Yves Smith's Econned, I become more impressed. Her destruction of neo-classical economics is thorough and complete. It makes one wonder what the hell they're teaching in economics schools these days.
Yeah, I took a course in economics some years ago. I walked out that class thinking the entire profession was lunacy. It reminded me of what my father once told me. "Son, show me two economists who agree with each other, and I'll show you one economist standing in front of a mirror." Right.
And this, from the man who designed and installed the computer network all the banks run on down here back in the 70s and 80s. "I never met a banker who wasn't a complete idiot." Right again.
GawainsGhost,
My father was the bank manager in a small farming community in the 70s and 80s. My mother was a bank teller much of her life.
My sister is in banking and still is. She was also bearish on this economy before I was.
Let's just say that I will have to respectfully disagree. I do not believe that all bankers are complete idiots.
Well, no disrespect. My mother's father was a bank manager.
I think my father was referring to bank owners or CEOs.
GawainsGhost,
In any event, that does not mean that your father wasn't telling the truth. It's quite possible that every banker he met was indeed a complete idiot. There's plenty of them to go around.
So long, suckers. Millionaire hedge fund boss thanks 'idiot' traders and retires at 37
"The low-hanging fruit, ie idiots whose parents paid for prep school, Yale and then the Harvard MBA, was there for the taking," he wrote. "These people who were (often) truly not worthy of the education they received (or supposedly received) rose to the top of companies such as AIG, Bear Stearns and Lehman Brothers and all levels of our government," he said.
"All of this behaviour supporting the aristocracy only ended up making it easier for me to find people stupid enough to take the other side of my trades. God bless America."
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