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Stocks tacked on some losses early yesterday before the bleeding stopped and the indices found some stability. The results were mixed with the Dow slipping 7-points, but well off the morning lows. The Nasdaq had a string day while the S&P, small caps, and the I-fund saw small to modest gains.
Believe it or not, stocks opened higher on Tuesday but it turned out to be a Turnaround Tuesday and stocks spent most of the day heading south after the open. The financial stocks, which led the way higher during the Trump rally, led the way on the downside yesterday and that's impacting both the large and small cap indices. The Dow ended the day with a loss of 238-points while small caps took an even bigger loss percentage-wise. The dollar was down sharply helping
Stocks were mixed but mostly lower on Monday with the Dow losing 9-points, the S&P shedding almost 5, while the Nasdaq was flat. Small caps and the Transports lagged.
Stocks were mostly flat again on Friday as volatility has been low and trading ranges tight lately. The Dow lost just 20-points but because of the weak close, it felt technically worse than it was as you can see in the Friday intraday charts below. The small caps and International stocks held onto gains while the S&P slipped a few points.
Stocks kept within a tight range to start the week off as anticipation of the FOMC meeting kept traders at bay. The Fed did raise rate basis 25 points and forecast two more rate hikes this year. Traders, most likely initiated by trading programs, bought the Fed rate hike and we saw decent rallies in stocks and bonds. The bulls failed to build on Wednesday's rally and instead we saw some profit taking to pull stock back a bit and again stocks ended the week in a tight trading range.