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Stocks gapped up on Wednesday morning, and after a weak attempt by the bears to push back, the bulls took charge and the Dow ended the day up 293-points. The volatility is still elevated, and while this is a good step for the bulls toward generating a bottom for this correction, we are in low volume, pre-holiday trading territory, it is possible that this is a temporary move in an attempt to fill open gaps.
A reminder that China's stock market was closed last
Stocks resumed their downside slide on Tuesday as the Dow shed another 470-points and it took a late push higher to take it off the 548-point loss it had with about 5 minutes left in the day. Oil also fell and there seems to be a strong correlation lately with the price of oil, as well as the problems in Asia.
Volume was up but lighter than you might expect on a day like yesterday, but it is the last week of summer - as far as pre-Labor Day goes -
Stocks opened sharply lower on Monday, and while it was on a much smaller scale, the action resembled the that of last Monday's wild day where the open was the worst part of the day, the Dow rallied back to near break-even, then puttered into the close - losing about half of those opening losses. The Dow ended the day down 115-points.
The stock market is coming off of one of the wildest weeks that we have seen since the 2008 bear market, and August has been one of the roughest months since the end of last summer. The Dow lost 12-points on Friday but it had to bounce back from a couple triple digit losses during the day so the buyers were stepping up, and they did so into the close.
Whenever volatility is as high as it has been it isn't just a matter of buyers
TSP Talk Sentiment Survey results for the week of 08/31/15 - 09/04/15
The TSP Talk Sentiment Survey came in at 50% bulls, 32% bears.
See latest survey results
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