S&P 500 Snapshot: Intraday Record But A Flat Finish
The S&P 500 set an intraday high of 2,087.56 in the late morning. However it ended the holiday-shorted session with a bit of selling in the final two minutes. The index ended with a flat finish, down a hair (-0.01%) from yesterday's record close.
The yield on the 10-year Note closed at 2.27%, up 1 bp from yesterday's close.
Here is a 15-minute chart of the past five sessions.
A Perspective on Drawdowns
We're now five days off the record close in the S&P 500. Here's a snapshot of selloffs since the 2009 trough.
For a longer-term perspective, here is a pair of charts based on daily closes starting with the all-time high prior to the Great Recession.
Disclosure: None.
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It takes some time for a Fed induced market to capitulate, yet capitalism always eventually forces the market into facing the truth or destroys the uncapitalistic lie like it did to Russia and so many others. The sooner the bad behavior by the government and Federal Reserve gets proven to be destructive and the socialist enrichment machine for insiders gets vanquished and is removed the better we will be off and then and only then will merry Christmas' and good strong economic years appear once again.