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The index measures the median stock price of companies listed on the American Stock Exchange, Nasdaq, NYSE, and Toronto Stock Exchange and it’s making a new high which means the median stock in the index is now making all-time highs. Bespoke also noted that the cumulative A/D line in 9 of the 11 sectors in the S&P saw new high in Sep with 6 of them in the last week. It is REALLY hard not to be deliriously bullish right now, someone stop me before I make Fintwit history for signaling the top. Guess what doesn’t usually print in the 60s before a recession? In fact, take a look at this chart from Goldman, ISM trends into the mid 40s before a recession.Median, down the middle, not the fancy high flyers who make 00 phones and endless dongles (I love that word). After the open we got a rager of an ISM Manufacturing print, 60.8, the highest number in over a decade. When ISM printed 61.4 in May of 2004 it took 3 more years and a 40% return in the S&P500 before the economy slipped into an abyss.This index is equal weighted and based on a geometric average so the daily change is the closest to the median stock price change.Man, that’s a mouthful, what does it actually mean to those of us who slept thru stats class?
I mean if 50-60% of fund managers are ahead of their bogey won’t they all just play defense into the close? So many things are swirling around in my head, someone help me make sense of them please.Apparently volume doubled that day to a whopping 600m shares (lol SPY does 35mm by itself on a random Tuesday) and no one went home, they just slept under their quotron (lol quotron). @by Samro points out that on Black Monday CAPE was average. I’m guessing by Monday’s close you were kicking your David Hasselhoff doll and refusing to watch any of the 5 channels you got on cable. Look, there’s no doubt that the events of Oct 19, 1987 were scary to those involved and to the country as a whole but here in the year of our Lord 2017 we know that our behavior in markets is far more important than anything else. The fear was palpable my friends, like the Death Star peeking over the horizon.The 500 pt drop would only be 2.2% in this day and age and I’m sure there’s a bunch of people rooting for a SLIVER of that volatility to return to this market. But guess what, you’d be sitting on a 10 bagger right now. Markets go up, they go down, they go sideways, and every now and then they make everyone scared as heck. Catalonia, whispers of the ’87 crash, an overnight drop in the Hang Seng, $AAPL saying no one is buying the i Phone 8, the stories were stacked against ever present bulls.By lunch we sat just north of unchanged, 2,537 up 0.10%.The back half of the session brought nothing great and we closed roughly where we were at lunch, 2,537 up 0.10%.