We had some weakness in the financials on Friday that spooked me a bit.
The triple leveraged FAS gaps open to the tune of $2.15 and closes down for the day. Hmmm.
The S&P 500 sets a high-water mark for this recovery and closes at 1149.99. Hmmm.
That reminds me of a New York Times headline and story:
Dow Ends at 2,999.75 With a Rise of 19.55
By ROBERT J. COLE
Published: July 17, 1990
The Dow Jones industrial average flirted yesterday with a close above 3,000, but it ended the day just shy of that benchmark. Stock market analysts contended nevertheless that the performance indicated that stock prices still seemed to be climbing, at least for a while longer.
Although it failed to close above the 3,000 barrier, the blue-chip index climbed to its third new high in three trading sessions, advancing 19.55 points, to 2,999.75, just 25-hundredths of a point short.
Analysts expressed strong confidence that the Dow, which traded above 3,000 at several points during the day, would soon close that high. How soon, they said, was difficult to say....MORE
That of course was the pre-Gulf war (I) high, sixteen days later Saddam invaded Kuwait.
Less than three months later the market had dropped 21% and I found myself saying "Hmmm".
What brings on this apocalyptic reminiscing? This chart of the S&P and the two post-recovery highs. I sure hope that's not a box canyon ahead of us, Kemo sabe.
Oh well, we can always flip to the FAZ.