Bad 3rd Quarter
By Richard Russell
From USA Today:
The third quarter of this year was a horror. The benchmark standard of Poor's 500 stock index was hit with a record close on may 21st. 1326 calendar days without suffering an official correction or a drop from 10% of its high. While the biggest loss on the S&P was 12.4 percent from its peak in August, far below the bear market threshold the pain inside the index of 500 stocks was far greater at the individual stock level. 253 stocks of more than half of the companies on the S&P were down more than 20% from their highs. Particularly hard hit were the biotechs. This was blamed on simple overvaluations.
With an hour before the close, the market picture is neutral. The important Transportation Average is above 7,000 and the Dow Industrials are firmly above 16,000, which is bullish. The NYSE is up and still more than 800 points above ... Log in or subscribe to continue reading.
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