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Political drama and headlines about Russia are finally getting into the heads of traders. U.S. stocks pulled back this week with drama in D.C. is giving them less hope of any promising tax reform in the near future. The technical set up of the major indices allowed this path of political headlines to do their damage on stocks as there are resistance areas putting the pressure on the bulls.

The dollar joined U.S. stocks in some selling this week and that gave a boost to the I-fund that ...

Stocks opened lower again on Thursday, following through on Wednesday's severe sell-off. Dip buyers showed up and the indices stabilized and then rallied into positive territory after more news out of Washington. The Dow gained 56-points and we saw better bounces in the broader indies. But it might still be considered a "dead cat bounce" at this point. We need to see more upside follow-through.

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The historically low volatility finally ended yesterday as stocks sold off after another wave of political turmoil. The Dow lost 373-points and we saw losses of about 2% or more across the board. The lagging small caps and Transports gave up 2.2% and 3.1% respectively, and we finally saw those open gaps get filled on the S&P 500.

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The Nasdaq led the way as large cap tech continues to roll. The Dow and S&P 500, along with the small caps and Transports, were all down slightly but closed well off their lows. The Dow lost 2-points. The I-fund had another good day as the dollar continues to decline.

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Stocks opened the week with a gap higher and while the indices wavered some during the day, the Dow and S&P 500 climbed back by the close to finish close to the intraday highs. The market leaders that we have been a little worried about, the Transports and small caps, had strong days but they closed off their highs and remain in or below their bear flags.

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