From Russia, With Love – S&P 500 Historic High Tonight ?
We have always known that Russians are better at chess than the Americans, God Bless the late Bobby Fischer.
They waited and watched Obama and then made him look like Chicken Little last night and now the whole world is euphoric and sympathy for Assad grows, me included as I read his Tweets and buy into his story that the Syrian rebels were mostly Al Qaeda mob.
How can Obama side with the Al Qaeda sponsored Syrian rebels on the anniversary of Sept 11 ?
Gee, now we can just shrug at the pictures of the dead kids and go back to buying USDJPY because Obama has back tracked this morning and Russia has delivered us a wonderful mid week rally along with the new iPhones launched last night.
The S&P 500 is perched nicely above its 50 day m.a. after 6 consecutive days of rallying and we have another week left to FOMC. It is Sept 11 today and the stock market has rallied every single Sept 11 since 2001, including those that fell over the weekends except for 2002, 2005 and 2009. Statistically, September has a been an UP month for the S&P 500 as well, with only 2 years out of the last decade suffering losses.
That is a trend we cannot mess with, taking the wind out of Hindenburg’s sails even if we have seen 10 Hindenburg omens this year compared to none since 2007.
The 2 other peaks in the S&P were in 1Q2000 and 4Q2007 which were followed by heavy declines.
Please refer to the quarterly S&P 500 below.
It is September the 11th today. 12 years ago today, I was watching CNN at home, in horror and worried for a husband on a business trip in Canary Wharf. Phone call came in from boss asking how many insurance and airline bonds I was holding, because the market in SGD had just gone on insurance rampage and we had Pac Life, Sun Life and John Hancock SGD papers in our books. My brain was not really working because I was witnessing the second plane crashing slow mo into the tower but his parting instructions to me that night were, “Make sure you think of a way to make money out of this.”. What memories, what a ride and what a rally we will have tonight !
I watched in disbelief…
Meanwhile USD seems to be moving higher. Rates are near 3%.