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S&P 500 Snapshot: "Tepid Data Means No Fed Taper"

ByDoug Short
Published 05/31/2013, 02:51 AM
Updated 07/09/2023, 06:31 AM
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Before the market opened, the Nikkei had done another cliff dive, down 5.15%, the 2nd estimate of Q1 GDP was a bit below forecast, and initial claims were higher than expected. No worries! The S&P 500 rallied at the open. Why? "Tepid economic data means no Fed taper!" Or at least that's today's spin in popular financial press, e.g., CNBC, Bloomberg and Reuters. The index's enthusiasm led to a mid-afternoon peak, up 0.82%. But by the close, 45 bps of that had evaporated, and the index closed with a more modest gain of 0.37%. Of course, we're near the end of May, and some could be going away. Or maybe this market needs worse economic news to be truly euphoric. Go figure!

Here is a 15-minute look at the week so far.

SPX 1
Volume was a bit off its 50-day moving average, by about 4%. Do the last few sessions look a bit toppy? No worries. The Fed has the market's back!
SPX 2
The S&P 500 is now up 16.00% for 2013 and 0.89% below the all-time closing high of May 21.

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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.

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