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It was a positive day for the stock market on Monday but the highs came within the first 30 minutes of trading and then the enthusiasm waned. We still saw modest gains across the board by the close with the Dow gaining 46-points and the S&P 500 flirting with a new closing high, but more negative reversals on the charts keep the bulls from being able to celebrate these levels.
Every time we think this market is about to crack, the dip buyers show their persistence and jump on the bargains while most of the less "convinced" investors are running away. But the upside breakout has been elusive of late as the market remains range bound.
On Friday the Dow gained 184-points, recouping nearly of the losses incurred on Thursday. The S&P gained back all and then some, but small caps have been slumping and still have some work
TommyIV is on vacation this week so you're stuck with me for this week's Wrap Up.
Stocks opened higher this past Monday but things went sour pretty quickly as volatility picked up, and by Thursday afternoon there was a little bit of panic in the air. On Friday the bulls stepped up and bought the oversold market and we saw some key support levels hold.
Here are the weekly, monthly,
The bears kept the pressure on Thursday as stocks opened lower and moved lower all day. The Dow lost 195-points on the day or about 1.1%, despite some good weekly jobs data and Consumer Spending numbers.
Markets are spewing chunks and what was supposed to be the best month of the year, laid a big fat goose egg for many of the indexes.
Ouch! Suffering the single largest O-column this year, AGG has met its bearish price objective. At this juncture, I won't venture to guess where the bottom is, but I will watch for a recapture of the 111.03 or 50% of the recent decline.