On July 15th the closing price of SPY was only $1.12 away from the July 15th, 2004 closing value of SPY. The last crossover between the two price histories was in late May, but it wouldn’t take much of a rally to put 2010 on top again.
On June 1st 2004 SPY was well on its way recovering from a 5% correction that started in May. The jury is still out on whether this year’s 12% correction (based on closing values) is over, or just the beginning of a bear market. Six years ago we didn’t have the PIIGS (Portugal, Italy, Ireland, Greece, and Spain) in financial turmoil, or a big …
