So much for resistance!
I've been saying this move has been ferocious, and even a week and a half ago was saying it's been one of the strongest moves during the entire rally off the March 2009 bottom. Of course, we've continued to rally since then, and we're making serious history now. With just two and a quarter days left in the month, October 2011 (at current levels) would be the best month in the market since January 1987. That's saying something for those of you who lived through 1999 - which granted, was much more focused on the NASDAQ than the S&P 500 or Dow. For the NASDAQ it's the best month since January 2001.
- If October ended today, the Dow would be up 13.8%, which.... would make this the best percentage gain for the Dow since January of the year 1987.
- And it’s not just the Dow, which is sometimes disconnected from the broader market by dint of its strange composition and price weighting and such. No, the S&P 500, too, is up 13.2% this month, which would also be the best percentage gain since January 1987.
- The Nasdaq, which is more accustomed to these sorts of methamphetamine-induced joyrides, is only having its best October percentage gain, up 12%, since September 2010 and its best point gain, about 290, since January 2001.