S&P 500 Down 25% In The Last 2 Weeks!
We just don’t know how any indicator or assumption will fare since there has been nothing like the current market since at least 1987. Arguably, there has been nothing like it since 1929.
– “When Market Analysis Capitulates” (subscription required), Michael Kahn, Barron’s, Getting Technical, Wednesday October 8
This is getting ridiculous:
- The S&P 500 is down 25% (1213 to 910) in the last 2 weeks – and is 42% off its high from a year ago (1575 to 910).
- The S&P has given back 665 of the 806 points (82.5%) it ran during the entire 5 year bull market (Oct 2002 – Oct 2007) in the last year.
- The VIX blew out to 65 today – far beyond anything in the last 12 years according to Scottrade.
- 1769 of 3232 issues (55%) traded on the NYSE today hit 52 week lows.
- Only 2.13% of stocks traded on the NYSE are above their 200 day moving averages.