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June 10, 2011
Stocks Fall on Dow’s Longest Slump Since 2002
Its last weekly slump of this length was in October 2002, the start of a five-year bull market for equities.
I'm trying to recall October 2002.
What did the stock market do heading into it?
If it nearly doubled like ours has, then this could definitely be the start of another five-year bull market for equities.
S&P 500
March 6, 2009: 666.79 (intraday low)
June 10, 2011: 1,270.98 (closing price)
Gain/loss: 91% gain
March 24, 2000: 1552.87 (intraday high)
October 31, 2002: 885.76 (closing price)
Gain/loss: 43% loss
It is October 2002 all over again! The similarities are uncanny! 5-year bull market here we come!
Source Data:
Yahoo Finance: S&P 500 Historical Prices
Weekly Initial Unemployment Claims Decrease to 213,000
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The DOL reported:
In the week ending November 16, the advance figure for *seasonally adjusted
initial claims was 213,000*, a decrease of 6,000 from the pre...
3 hours ago
5 comments:
From the article: Blackrock money manager said “We’re at the end of the recovery and the beginning of the expansion. That’s typically a time when stocks still go up, just at a lesser pace.”
Except first they go down for 6 or more weeks in a row? I wonder what signs he is seeing of expansion?
We have 5-6 million less jobs than in 2008, about 6 trillion less in home equity, 4-5 million homes in foreclosure or delinquent, >9% unemployment rate, 350% total debt to GDP, and a sub 2% growth rate. Doesn't smell like expansion to me, but I don't work for Blackrock.
word verification: obilisp (a 2001 AI language?)
Dude, where's my recovery is the title of a recent post by my favorite academic economist, Steve Keen.
He doesn't work for Blackrock either.
Mark, I want to be in the "Mark Teaches Graphs" class, all the work last few posts is great!
Mr Slippery,
Blackrock's Bob Doll assured us back in September that corporations are sitting on a lot of cash. It didn't seem to bother him much that corporations were sitting on an even larger amount of debt. In fact, I don't recall him even bringing it up. Go figure.
GYSC,
The "Mark Teaches Graphs" class competes head to head with the University of Washington's tuition pricing model.
I have no choice but to charge $24,000 per year as I ponder a 20% tuition increase this fall.
It is a cut-throat world and unfortunately I am forced to compete.
With fixed costs of $0 and oodles of free time, there's just no way I could possibly charge a class of 100 less than $2.4 million for my services (or less than $2.88 million this fall).
Granted, I will not be including books and room and board. However, I will offer a free budgie if you sign up today!
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