We Still Can’t Make a New High

The stock market yet again approached its all-time record, and yet again stepped back from a new high. The S&P 500 got as low as 1,551 this morning but it’s been gaining back ground since then.

There doesn’t seem to be a wide dispersal in today’s market, meaning most stocks are behaving similarly. Some of the defensive areas like utilities and healthcare are up a small amount while the more cyclical areas are down, but nothing too serious.

Late yesterday, shares of Nicholas Financial ($NICK) dropped from close to $15 to $14.35 at the end of trading. The selling continued this morning and the shares bounced off $14.01. No, there’s no news about a buyout. I think this is pure speculation. I warned investors to expect some of this. Unfortunately, this is part of owning stocks and there’s not much we can do. If there’s any news about NICK, I will let you know.

Posted by on March 27th, 2013 at 11:08 am


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