It sure was a weird trading day. Some kind of server glitch brought down the NYSE trading floor, gold kept tracking along with the S&P 500, that back-and-forth on the Iranian elections, credit spreads came in a bit, but in the end the the Dow Jones Industrial Average moved into the black for the year. It’s the first time in 2009 we’ve closed in positive territory for the year.
Of course, bearish types immediately said that this poke up above water was the clearest sign that we’ve hit the top.
The bulls thrashed the bears on the S&P 500-stock index, which 1.32 point, or 0.1%, to 946.21. It is up 4.8% for the year to date.
The bears got there revenge in the Nasdaq, which sank 3.57 points, or 0.2%, to 1858.80. It’s up 18% so far this year.
The phrase we’ve now officially tired of: “long in the tooth.” It seems to be on everyone’s lips when talking about the rally. It’s the new “bottoming process.” Every time we hear it, our eyes glaze over.