Modest Dow Rally Promises Rare Event
UPDATED at 5:03 p.m.:
Like a dog furiously paddling to keep its nose above water, the Dow finished up on the day -- by an entire 36.08 points, or .02 percent, to complete a three-day winning streak. At least in the letter, if not the spirit, of the law.
The S&P 500 closed up .6 percent but the Nasdaq was not so lucky, closing down .5 percent.
If the Dow finishes in positive territory today -- just one dollar, just one cent -- it will accomplish something it has not done in three months: a three-day winning streak.
Amazing, isn't it, when we got so used to Dow 12,000, 13,000, 14,000 just a year ago? Day after day, week after week of relentless gains?
Yet, that is the position we've come to.
So far this year, the Dow is down 37 percent.
The S&P 500 has lost 40 percent year-to-date.
Which is why that last three-day winning streak for the Dow came three months ago -- August 26 - 28.
The Dow started off strong today, then went negative, now has nosed its way back above water level, just barely.
With 40 minutes to go on the trading day, keep watching -- everyone is by now familiar with the chaos the last 15 minutes of the day can bring.
-- Frank Ahrens
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