U.S. Equities November 2018

By 👤S&P Global December 5, 2018 13:02

Also Interesting

The road was definitely taken, in both directions (sorry Robert Frost), at least according to estimates that this U.S. Thanksgiving holiday produced 54.3 million Americans (0.7% of the world population) traveling at least 50 miles (80.5 kilometers) from home for the holiday. Good thing gasoline prices were down 9.2% for the month and down 0.7% year-over-year via the all-grade EIA reports, as oil was 33.6% off its recent October high, with early travel noted. The S&P 500 also left town early for the holiday, but not before it sold, as it declined into its second correction of the year, off 10.17% (2,673.45) from its Sept. 20, 2018, high (2,930.56), a tick worse than the Feb. 8, 2018, correction of 10.16% (2,581.00). Seems like just yesterday we were all commenting (and option and day traders complaining) about low volatility and the lack of stock swings, but there have been 54 daily 1% moves YTD (23.4% of the days; 30 up and 24 down, with 5 up and 3 down this month), compared with all of 2017’s 8 (3.2% of the days; 4 up and 4 down). The change has rattled some newcomers, but 10 years ago in the “fun” days of 2008, 53% of the days moved at least 1% (59 up and 75 down; 1932 had 66%). After the crowd returned from their Thanksgiving feast, the Street calmed down, opening with one of those 1% gains (1.55%). Then, with a little help from U.S. Fed Chair Powell, it was anything but neutral as it posted another 1% gain (2.30%), giving the market some breathing room from the correction point