Will the bull market come to an end on Oct. 9?
Oct. 9, for better and for worse, is a big date historically for the stock market.
Don’t laugh. It turns out that two of the most prominent market turning points of the last decade occurred on this very date.
The first was the beginning of the 2002-2007 bull market, which occurred on Oct. 9, 2002.
The Dow Jones Industrial Average (DJI:DJIA) on that date hit an intra-day low of 7,282.39, and the S&P 500 index (SNC:SPX) sank to 775.80 — more or less half the levels these indexes would rise to in five years’ time.
The second of those major turning points came as that 2002-2007 bull market was coming to an end. Believe it or not, its exact end was on — you guessed it — Oct. 9, 2007.
In the ensuing bear market, the Dow and the S&P 500 would each lose more than half their values.
You might think that there are almost impossibly low odds that two trend changes this momentous would occur on the very same day of the year….
A must-see report from a top technical trader
Now, I’m not in the ‘end of the world’ camp. Far from it. But my friend and excellent technician Richard Ross put out a note Friday that brought up some interesting points. (Click Charts to Embiggen)
Ross thinks that a Euro breakdown here could, “Generate the most powerful ‘Global Sell Signal’ of our generation” (speaking of scaring the hell out of…
Greece’s creditors are still at loggerheads over how to tackle the country’s debt crisis, with the International Monetary Fund threatening to stop its financing unless the euro zone accepts debt restructuring worth tens of billions of euros to bring the country’s debt to a sustainable level, people with direct knowledge of the matter said Tuesday.
Greece is again expected to be among the top issues discussed at the IMF annual fall meetings in Tokyo, as Athens is fast running out of cash and euro-zone governments fear the political fallout from writing off as much as 50 billion euros ($65 billion) …
Global Recession Risk Rises
It added that the risk of further deterioration in the economic outlook was “considerable” and had increased.
From the latest NFIB Small Business Optimism index.
It’s not even part of the fiscal cliff discussion
Goldman’s Jan Hatzius takes the pulse of the economy, and mostly thinks things are getting a little better.
GDP is now back to tracking at 3.0%, which is hardly robust, but a bit better than where it’s been.
The jobs report was confusing and mixed…Hatzius sees reasons for optimism and pessimism in it.
But one thing he’s certain about is that the economy is almost guaranteed to suffer a fiscal hit in the near future, and that leaders in both parties don’t seem intent on avoiding it….
Solid red day across the board so far.
Italy is off 0.5%
Spain is down 0.7%.
Germany is down 0.5%
WSJ is reporting that Greek creditors are still at an impasse, and that appears to be adding to the risk-off-ness.
Merkel is in Athens today, so that will likely be a big topic of attention.
US futures are moderately lower.
In Asia, Japan fell 1%, while China rallied nearly 2%.
Out of nowhere, the market just dropped notably.
A Major Rally In Greece Collapsed
Here’s an intraday chart via Bloomberg.