At last! We got a new all-time high in the S&P 500, despite some not-so-hot economic news. The Third Estimate of Q4 2012 GDP was less than half a nostril above water, weekly unemployment claims shot up, and some of the regional manufacturing data was disappointing. But there were no riots in Cyprus (where catatonia reigns).
The S&P 500 bobbled at the open but about 45 minutes later mounted enough of a rally to close the day up 6.34 points. That was about four points more than it need for that new high. The daily gain of 0.41% put the index 0.26% above its previous high on October 9, 2007.
Here’s a 15-minute view of the week so far.
Here a daily chart of the S&P 500, which illustrates the continued weak volume, despite approaching the end of the quarter.
And if we look at the SPY ETF, the volume shows even less conviction in the trader mentality.
The S&P 500 is now up 10.03% for 2013 and, as mentioned above, at a new all-time high. It is 131.95% above the March 2009 closing low. Now for the sexy charts…
Doug Short Ph.d is the author of dshort at Advisor Perspectives.