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Stocks were basically flat on Thursday but the action was a little more bullish than that since the Dow, which gave up 5-points, was down over 100-points early on after a weaker than expect GDP report was released before the market opened.. Buyers stepped up and we saw some positive reversals on the charts.
Stocks rallied for a second straight day and the Fed said nothing in their policy statement to discourage the bulls. The Dow gained 121-points on the day and once again the Dow Transportation Index, the one in a bear market, was the big winner
Stocks saw some early selling after a positive open yesterday, but for the first time in several days the bulls finally pulled the trigger and started buying away, and it may have turned into a Turnaround Tuesday. The Dow gained 190-points and saw gains over 1% across the board. The big surprise was the nearly 3% gain in the beaten down Dow Transportation Index.
Today is day #2 of July's FOMC meeting and I expect we'll get the policy statement
Stocks opened sharply lower on Monday as last week's sell-off carried over into the start of this week. Prices stabilized after the open but the buyers could not muster up enough strength to close too much off of the lows, and there was a failed attempt at a rebound during morning trading.
China's Shanghai finally gave way after a 2-3 week rebound off the prior lows. The Index lost 8.5% in Monday's trading and that seemed to be the catalyst for the global market
TSP Talk Sentiment Survey results for the week of 07/27/15 - 07/31/15
The TSP Talk Sentiment Survey came in at 47% bulls, 36% bears.
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