The S&P 500 closed 1,258.84 yesterday, it has stayed above the psychological Lehman level of 1251.70. One Sep 15, 2008, Lehman Brother’s bankruptcy has led the quity benchmark fell 4.7%, the steepest drop since the first day of trading after the Sep 11, 2001 terrorist attacks. The S&P 500 has fell as much as 57% […]
More correlation between stocks and oil
Crude oil is now influenced more by the stock market than by its own inventory levels or demand patterns. Lately, that lockstep has reached an extreme, with the correlation between crude oil and the Standard & Poor’s 500-stock Index hovering around 70%, doubling the average of 34% since 2008. Oil and stocks aren’t supposed to […]
S&P 500, The end of Elliott Wave?
Last night, Stocks surged, sending U.S. benchmark indexes up the most since May, while the dollar and Treasuries slid as growth in American retail sales bolstered optimism in the earnings season and investors speculated European banks will pass stress tests. (Source: Bloomberg ) I was monitoring S&P 500 recently and interestingly, I found they have […]