It’s Friday in the Wall Street Daily Nation!
That means the longwinded analysis is out. (Hallelujah!) And some carefully selected charts are in. (Amen!)
So without further ado, check out these snapshots on the bloodletting in Spanish stocks and the uncanny resemblance of the S&P 500 Index’s performance this year compared to 2011, 2010 and 1936.
Can We Get Some Buyers Please?
Last week, we profiled all the bad loans and soaring unemployment in Spain. This week, the Bank of Spain rolled out the recession warning. Based on their estimates, Spain’s first-quarter GDP will shrink 0.4%, marking the second quarter of declines.
Add it all up and nobody wants to own Spanish stocks. Spain’s IBEX 35 Index is down 19.9% year-to-date. (Ouch!)
Déjà Vu, Anyone?
We all know the Wall Street disclaimer: “Past performance is no guarantee of future results.” Well, I sure hope that holds true for the S&P 500 Index. Otherwise, we could be in for another mid-year swoon.
I have to tell you, though, the latest charts don’t exactly ease my anxieties.
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If we reach back further into the annals of stock market history, this year’s performance also resembles that of 1936 – another presidential election year with some striking parallels.
Like the fact that the country was emerging from a steep economic slowdown (the Great Depression vs. the Great Recession). And the fact that the size of the Federal Government increased dramatically as a percent of GDP.
Here’s to never looking back!
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Thanks and enjoy the weekend!
Ahead of the tape,