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Before the opening bell Thursday we learned that Q3 GDP came in at 2.8%, its highest compounded annual rate of change in six quarters. The markets weren't impressed. The S&P 500 opened higher, hitting its 0.23% intraday high in the first fifteen minutes of trading. The index then sold off in a pair of waves to close the day with a loss of 1.32%, the biggest decline since late August. Bloomberg speculated that the unexpected expansion in GDP could prompt the Fed to start tapering -- the old "good news is bad news" meme. Was today a warm-up for today's employment report?

Here is a 15-minute look at the week as of yesterday.


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Volume today was 17% above its 50-day moving average.


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The S&P 500 is now up 22.50% for 2013 and 1.40% below the all-time closing high of October 29.


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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: Strong GDP, But the Market Tanks