I've updated the charts below through Thursday's close. The S&P 500 is now 3.25% off its interim high of 1,465.77 set on September 14th, the day after QE3 was announced. The interim low since then was 1,353.52, a decline of 7.66% a month later on November 15. The 10-year note closed yesterday at 1.74, which is 14 basis points off its interim high of 1.88, also set the day after QE3 was announced. The historic closing low was 1.43 on July 25.
The 2012 Santa Rally peaked on December 18th, with the S&P 500 up 2.16% for the month. By yesterday's close the rally had essentially evaporated, with the index up a fractional 0.14% for the month. It will be interesting to see how yields (and equities) fare in the last two market days of 2012 with the House reconvening on Sunday to address the December 31 Fiscal Cliff.
The latest Freddie Mac Weekly Primary Mortgage Market Survey puts the 30-year fixed at 3.35 percent, four basis point above its historic low set five weeks ago.
Here is a snapshot of selected yields and the 30-year fixed mortgage starting shortly before the Fed announced Operation Twist.
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