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We saw volatile action this pre-holiday week and despite the ups and downs, modest gains led to a breakout. Monday put the S&P 500 almost immediately above last weeks closing price but as the week continued there seemed to be fewer reasons to keep putting money in a market which has been known for its fake outs lately. However, the trend continued and getting easier to be optimistic about the new territory.
Updated Yesterday at 06:33 PM by TommyIV
Stocks were flat to moderately higher on Thursday and it was typical holiday type action with light trading volume with a positive bias. The Dow gained just a fraction while the broader S&P 500 and Nasdaq saw more solid gains.
It was a directionless day Wednesday as the indices bounced back and forth between positive and negative territory, and with the pre-holiday volume being quite light, stocks were pushed around quite easily. The Fed Minutes were released at 2 PM ET yesterday and you can see in the Dow chart below that the reaction was a little more volatile than we're used to after those minutes. It was almost like an FOMC policy statement reaction. The Dow ended the day down 27-points.
After opening on the downside and rallying into the afternoon, stocks ended the day mostly flat on Tuesday. It's a pre-holiday week and while that means the volume might dry up, it doesn't mean the action will be boring. The Dow gained 13.51 points on Tuesday and traded in a fairly tight range.
Stocks opened tentatively on Monday but by 11 AM ET the indices bottomed and the bulls took over. The close was not all that impressive and volume was light, but we still saw modest to strong gains in many indices. The Dow gained 26-points and the small caps are finally showing some life.