The SPX, S&P 500, the US Stock Market, prints above 5,000 for the first time in history at 3:59 PM EST on Thursday, 2/8/24, during the last minute of trading for the session (US stock market closes at 4 PM EST).
However, the SPX did not close above 5K instead ending the day at 4998. The S&P 500 prints the highest number ever in history at SPX 5000.40.
Today, and the days ahead, will dictate if the S&P 500 can close above 5,000. S&P futures are flatter than a newlywed's souffle about 4 hours before the opening bell for the Friday session. Folks, it's a long way to the top if you wanna rock 'n roll.
Note Added on Friday, 2/9/24, at 6:23 PM EST: The SPX closes above 5,000 for the first time in history today ending the session, and week, at 5026.61 call it 5027. The S&P 500 logs 5 consecutive up weeks catapulting from 4700 to 5027 (+7%) during this run. In the last 15 weeks, 14 are up weeks and the SPX has launched from 4104 to 5027 (+22.5%). THE SPX HAS RALLIED +1.5% PER WEEK ON AVERAGE, EVERY WEEK, FOR THE LAST 15 WEEKS STRAIGHT. Wow! If short, and Keystone is holding some index shorts now, you are wearing a barrel. Keybot the Quant remains long. The highest print ever in history occurs at 2:46 PM EST today at 5030.06. She's up in nose-bleed territory now; the cheap seats where the birds nest. Traders expect rate cuts at some point this year and even though the consensus pushes the cuts deeper into this year, and the Fed is only thinking 3 cuts this year, what happens if the economy goes off the cliff superfast right now and needs more than 3 cuts by Independence Day? Traders will be seeking the perceived safety of notes and bonds and there is already movement in that direction (the bond market is always right). The Wall Street hotshots have discounted this outcome (a super sharp and fast economic downturn) as a possibility instead celebrating a robust stable and resilient economy and soft landing. What, Me Worry? Stock prices launch to the stratosphere on the AI hype. America's upper middle class and privileged elite (that own stock) dance with glee while spitting on the masses faces below (that do not own stock and do not benefit from SPX 5K); such is the crony capitalism system in its last throes. Crony capitalism has become a Cartoon caricature of itself, a mountain built out of sand. Plug in the amps, boys.
Note Added 2/14/24: The SPX prints an all-time high at 5048.39 on 2/12/24 at 11:30 AM EST. The all-time closing high holds at 5026.61 on 2/9/24.
