Still Lackluster Post-QE
There are many who've scoffed at that old adage about selling on Rosh Hashana and not buying again until Yom Kippur. Yet, this time around, the S&P 500 closed at 1465 the day before Rosh Hashana, and on Monday it closed at 1456. That's mostly noise -- but, in reality, unless the market screams higher Tuesday, that'll make this the 15th time since 1990 that the market was in the red during that period, against the eight green Jewish-high-holiday periods
Away from that, when I looked at the statistics from Monday's trading, what really struck me was that the S&P 500 and the Russell 2000 actually closed lower than they did on the day the Federal Reserve announced its third round of quantitative easing. I suppose that's what happens when QE comes as the market is near its highs. It doesn't work as well here as does when stocks are near the lows -- as they were during the previous QE announcements....358 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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