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Monday, June 01, 2009

Market Above 200 Day Moving Average

Today the S&P500 closed above its 200 day moving average, MA(200) on the chart below. For more charts, go to S&P500 Charts, then click "10-Yr Chart" to see 200-dma on a 10-year scale.

The last time this happened Bob Brinker bashed the Casandras for saying we would enter a recession while he was predicting the market would go to the 1600s in 2008.
=> 5/31/08: Cassandra Bashing Brinker said:

“So what we have here basically, is an example of false prophets and it’s sad. And the reason it’s sad is the damage done. Think of the people that are looking today at the market, S&P at 1400 and they’ve been scared out of the market in the first quarter by these bears………It’s just amazing and yet these people are out there, and these people are not happy, I’m sure, to find themselves out of a rising market since March. To find themselves looking for ever lower prices when in fact we’ve had the opposite.

We’ve had the market rising since mid-March. It’s rather significant when you stop to think about it. If you go back to mid-March and you take a look at the S&P 500 Index since mid-March, right now you have a total return, including cash dividends of about 10 1/2%.....................So it’s fair for you to say to the Cassandras, where is that recession, where are those millions of lost jobs, where are the two quarters of negative real GDP growth?

Where’s the bear market? …………The answer is, they blew it! That is the answer, they blew it. They got caught up in their own negativity and they pronounced that it was all over, it was going to spiral downward and there was no end in sight – and they got it completely backwards. Truly amazing to see, and sad to see the people that are harmed by such unjustified negativity.”
Lets hope Bob Brinker is a little more humble this next weekend so he does not jinx the rally.

Charts for
Vangaurd Equity Index Funds:

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