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Stocks were down yesterday as the price of oil dropped sharply, and investors are preparing for some big name earnings reports this week as well as the FOMC meeting and policy statement on Wednesday. The Dow lost 78-points on the day, and the S&P 500 and small caps lost about 0.3%.
Stocks continue to defy gravity as the S&P 500 closed at a new all-time high again despite some seriously extended readings in many indicators. Yes, the charts have shown some consolidation over the last week or so, and apparently that may be all that was needed for the underinvested to put money to work last week. The Dow gained 54-points on Friday. Small caps led and once again the I-fund was negatively impacted by strength in the dollar.
After the huge post-Brexit rally, stocks have been consolidating for several days but the bears have not been able to do much damage when they've had their chance, and the S&P 500 actually ended the week with a new closing high. If you read our Daily Commentary, you know that we believe that there are enough investors out there who do not have a sufficient exposure to stocks and that creates an atmosphere of a race to buy the dips, and that has kept any pullback very brief and shallow.
Stop the presses! The Dow was down yesterday - for the 1st time in the last 10 trading days. The losses were moderate and broad as most indices lost 0.4% or more.
The latter half of July has a negative reputation mainly because of earnings, and the recent reports have been mixed - some good, some not so good. The profit taking is healthy for now, but we'll see if it brings anything more meaningful in the coming days.
Stocks continued their move higher after a small pause over the prior few days. The Dow has been up for 9 straight days and of course that streak can't last forever, but momentum remains on the bulls' side and the bears can only sit back and watch or give up and join the bulls. The Dow was up 36-points as the large caps underperformed the small caps on the day.