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SPX Pullback Hits 5.9%, Fourth Longest Drawdown Since March 2009 Bull Began

Wed, Nov 7, 12:52 PM ET, by Bill Luby

The S&P 500 index fell as low as 1388 today, down 86 points or 5.9% from its September 14th high of 1474.

The table below summarizes all the peak-to-trough pullbacks in the SPX since the March 2009 bottom. Note that while a 5.9% drawdown is right in the middle of the pack in terms of the magnitude of the drop, the 36 days that it has taken for stocks to fall that far makes the current pullback the fourth longest in terms of peak-to-trough duration. Of course, these statistics all assume that today's low will mark a bottom - and while recent market action supports that thesis, there are no guarantees that SPX 1388 will hold.

Also worth noting is the fact that 2012 is the first year that has seen more than one pullback with a duration of at least a month. There are several ways to interpret this. One, of course, is that when there has been weakness as of late, that weakness has persisted for a long time. Another way to interpret the lengthy pullbacks might be that the tendency of the bulls to buy on the dips has diminished the likelihood of sharp downward moves in stocks.

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[source(s): Yahoo]

Disclosure(s): none


This Article's Word Cloud:   Also   Largest   Look   March   Note   Pullbacks   Related   September   bottom   course   drawdown   drop   duration   guarantees   interpret   late   least   likelihood   magnitude   makes   mark   market   middle   month   none   noting   peak   posts   pullback   pullbacks   several   sharp   source   statistics   stocks   summarizes   table   taken   terms   that   there   these   time   today   trough   weakness   while   will   with   worth

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