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The market fell into negative territory early this week as traders sold early in front of the inauguration. A 'sell the news' reaction was the talk of the town for traders who are anticipating a catalyst to give the market direction again. Stocks gapped up at Friday's open before the inauguration but lost most the gains as the day continued bringing the S&P 500 to just a modest loss for the week.
More earnings reports will be coming out next week and we may also see more reactions
Stocks drifted lower on Thursday with modest losses posted in many indices. The Dow lost 72-points, small caps lagged, and the Dow Transportation Index continues to lead on the upside as it bucked the trend and posted a 0.25% gain.
Stocks opened lower on Wednesday although it was a mixed bag as the Nasdaq and small caps stayed green most of the day while the Dow lagged and closed down 22-points, off the 87-point early loss. The S&P and Nasdaq closed very strongly and at the highs of the day creating some nice intraday reversals bars on the charts.
Stocks opened lower on Tuesday morning and chopped around most of the day As soon as buyers stepped in, the sellers pounced, but buyers were also interested once the sellers did their thing and the indices basically closed in the middle of their intraday trading range. The Dow lost 59-points on the day.
Stocks opened higher on Friday after Thursday's positive reversal day. The indices couldn't really hold the opening prices as the Dow closed slightly lower on the day while the S&P gave up about half of its early gains. The Nasdaq and small caps led the way while bonds pulled back.