Bob Brinker Market Outlook for May 9, 2010

Bob Brinker made it quite clear this weekend that he believes the current market weakness is a correction in an ongoing bull market.  See  below for a table, chart and market correction statistics. Brinker cited the troubles in Greece as a catalyst and pointed out that sometimes we get corrections that we don't see any reason for but this time we do have a reason.

Market Statistics:

May 8 2008	Started Week	Ended Week	Change	% Change	YTD %
DJIA	11008.61	10380.43	-628.18	-5.7	-0.5
Nasdaq	2461.19	2265.64	-195.55	-7.9	-0.2
S&P 500	1186.69	1110.88	-75.81	-6.4	-0.4

Since 12/31/98 "Kirk's Newsletter Explore Portfolio" is UP 159% (a double plus another 59%!!) vs. the S&P500 UP a tiny 8.6% vs. NASDAQ UP a tiny 3.5% (All through 12/31/09) 

In 2009, "Kirk's Newsletter Explore Portfolio" gained 33.5% vs. the DJIA up 18.8%

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As of 5/7/10, the explore portfolio was up 1.0% YTD (DOW down 0.5% )

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Market Decline from Bull Market High calculations courtesy of David Korn

DOW JONES INDUSTRIAL AVERAGE

Closing High on April 26, 2010: 11,205.03
Close on Friday, May 7, 2010: 10,380.43
Percentage Decrease from Closing High to Present: 7.36%

S&P 500 INDEX

Closing High on April 23, 2010: 1,217.28
Close on Friday, May 7, 2010: 1,110.88
Percentage Decrease from Closing High to Present: 8.75%

NASDAQ COMPOSITE

Closing High on April 23, 2010: 2,530.15
Close on Friday, May 7, 2010: 2,265.64
Percentage Decrease from Closing High to Present: 10.46%

We have an 8.75% decline in the benchmark S&P 500 from the highs. Back in January, we had an 8.13% correction on a closing basis.

Charts for:

• DJIA 
• S&P500 
• NASDAQ