Let's recap the week with a look at swings in the Dow, S&P 500, and momentum.
CNBC reports Dow travels more than 22,000 points in one of the wildest weeks since the financial crisis.
I think that is quite a bit of nonsense, as it measures every intraday swing no matter how small.
Let's look at thing more accurately.
DOW and S&P Trading Ranges
The above chart shows day-by-day changes in futures, rounded to the nearest point.
The weekly fluctuations are quite remarkable. 4747 points for the Dow and 529 points for the S&P 500.
The Dow close last Friday was 25520, the S&P close was 2757 so those are big percentage moves.
Biggest Momentum Swing in History
Bloomberg reports This Is the Worst Momentum Swing for U.S. Stocks in History.
"The journey from ecstasy to agony is entirely unprecedented, in the United States at least," writes Bloomberg macro strategist Cameron Crise, who earlier noted this inauspicious achievement. "That’s the largest momentum swing in history -- and it’s not particularly close."
The next-closest reversal was a 48-point drop over the same span in 1987.
"This is perhaps one reason to expect that an eventual market recovery might not be totally straightforward," added Crise. "Not only have ’those kids on the trading desk’ never seen a reversal like this, nobody has. How that impacts investor psychology remains to be seen."
Expect more of the same. Stocks are insanely overvalued.