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While many are calling today's gain just a "snap-back rally," the major indices are already finding themselves close to where they were last week before Thursday's intraday "crash" occurred. As shown below, the S&P 500 is currently down just 62 basis points from where it closed last Wednesday. In between then and now, the market has sure been whipsawed, but if we're back to 5/5 levels by the end of the day, many will be quoting Shakespeare and saying the past few days have been a lot of "sound and fury, signifying nothing."

Looking at the major sectors, seven of ten are outperforming the S&P 500 since last Wednesday's close. The S&P 500 Financial sector is now down just 0.06% since then and is the closest to gaining back all of its losses from last Thursday and Friday. Health Care and Energy are the only two sectors still down more than 1%.

If markets do quickly gain back all of their losses and head back to new highs, it will be interesting to see if last Thursday's crazy move has any lasting impact on investors, traders, regulators, politicians, or anyone else.

click to enlarge

Source: No Harm Done?