Folks, we've just seen history being made. First up Trader's Narrative:
UPDATE: The bar chart appears to have disappeared from TN. We'll see if we can dig up another copy.
Sharpest Equity Market Rally During A Recession
...The chart below is from economist David Rosenberg who now plies his trade at Gluskin & Sheff. In it he points out that what we’ve seen since the spring of this year is the Sharpest Equity Market Rally Ever in the Context of Pricing Out of the Recession:
(Click to see a larger graph open in a new window)
That’s a 54% rise from March 9th 2009 to , 2009. The closest rally in comparison is 44% in 1929-1933....
And from MarketWatch:
...In fact, the major U.S. benchmarks are consistently pressing the year's best levels, while in the process, the Standard & Poor's 500 Index and the Nasdaq Composite have edged above major resistance as detailed below.
The S&P 500's hourly chart details the past three weeks.
After breaking slightly higher last week, the S&P has thus far held the August peak as support.
Its steep rally from the September low is constructive, improving the chances of further gains.
From current levels, initial support holds around 1,039 and is followed by a firmer floor spanning from 1,025 to 1,030.
Meanwhile, the Dow's lagging slightly behind.
As the chart illustrates, it's struggling with resistance at the August peak of 9,630, matching its closing highs since the market crash...MORE