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Pre-market futures were relatively flat Monday, and the weak June Retail Sales report and modestly improved Empire State Manufacturing update at 8:30 didn't have much impact one way or the other. The S&P 500 opened fractionally higher and quickly slumped to its -0.14% intraday low fifteen minutes later. After an hour hovering around the flatline, the index remained positive from the late morning to its fractional closing gain of 0.14%, which is a new all-time high. Yesterday was a continuation of the 500's melt-up since the post-FOMC June selloff. It was the eighth consecutive positive close and 12th gain in 14 sessions.

Monday's gain came on extremely reduced trading volume, about 10% below its 50-day moving average.

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For an additional perspective on Monday's vanishing volume, here's a look at the SPY ETF, where volume was lower yesterday than on the holiday shortened trading of July 3rd.

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The S&P 500 is now up 17.97% for 2013 and 0.00% below the all-time closing high of May 21.

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For a better sense of how these declines figure into a larger historical context, here's a long-term view of secular bull and bear markets in the S&P Composite since 1871.

Source: S&P 500 Snapshot: The Melt-Up Continues