The US post-election rally continued today with the Dow, S&P 500 and NASDAQ all up about 0.4%. The pre-market economic news was a better-than-expected New Jobless Claims report. The S&P 500 opened fractionally high and then quickly sold off to its -0.38% intraday low about 45 minutes later. The index then rebounded to the shallow green and the slowly advanced to its 0.40% intraday high 10 minutes before the final bell, slipping to 0.38% at the close.

The yield on the 10-year Note closed at 2.39%, up 3 bps from yesterday's close. The weekly average 30-Year Fixed Rate Mortgage posted today inched above the 4% level at 4.02%.

Here is a 15-minute chart of the past five sessions.

On a daily chart we see that trading volume was just a tad shy of its 50-day moving average.

A Perspective on Drawdowns

How close was the October dip to an "official" correction, generally defined as a 10% drawdown from a high (based on daily closes)? The chart below incorporates a percent-off-high calculation to illustrate the drawdowns greater than 5% since the trough in 2009.

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For a longer-term perspective, here is a pair of charts based on daily closes starting with the all-time high prior to the Great Recession.

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