For all the talk about yesterday’s rebound off the early lows, we think it’s important to keep some perspective that equities still finished the day in the red, marking the fifth straight down day for the S&P 500 and the 12th negative day in the last 14.  Things are looking a little better today, though, as futures have rebounded off their overnight lows.  Both the S&P 500 and Nasdaq are indicated modestly higher, while the Dow, being helped by a strong earnings report from Boeing (BA) is looking to open up half of one percent.

With respect to the rebound, the biggest gainers were the ones that fell the most from the September high until yesterday’s open.  The chart below breaks the S&P 1500 into deciles based on the performance of individual stocks from the closing high on 9/20 through the open yesterday and then shows the average performance of the stocks in each decile from yesterday’s open to close.

Decile one is made up of the best performers heading into yesterday’s open, and they saw the smallest gains from the open to close yesterday (+0.08%).  At the other end of the chart, the worst performers from the peak up until yesterday’s opening bell did the best yesterday, rising an average of 1.43%.  In between, average performance numbers for each decile steadily improved as you moved from left (relative outperformers from 9/20 through yesterday) to right (relative underperformers).

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