S&P 500 Snapshot: Eight-Day Rally Ends, But 1500 Holds (Barely)

From dshort.com - Advisor Perspectives
January 28, 2013 - 5:44pm

Jan 28, 2013 Doug Short  Despite strong pre-market Caterpillar earnings and a better-than-expected Durable Goods headline number, the S&P 500 got off to a weak start. The 10 AM release of pending homes sales, down 4.3%, didn't help matters. But the index battled back to within a hair's breadth of the opening price at midday. The afternoon saw the index dip and recovery to a fractional gain at the beginning of the final hour. But the selling resumed, and the index closed with a fraction loss of 0.18%, breaking its eight-day winning streak. However, the closing level of 1500.18 kept the index above the 1500 benchmark.More...

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