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Stocks were up early on Thursday but buckled under the pressure of another rally in yields and the dollar, triggering algorithm selling. The Dow saw another modest loss of 90-points, again outperforming the broader indices, which is interesting since larger global companies tend to suffer more when the dollar is strong, as it is now. The rise in yields means bonds were down again, making new lows. The I-fund outperformed the C and S funds as it may have benefitted from the fact that the overseas ...

Stocks opened lower after a bullish night of futures trading, but once yields started to rise we saw the indices rollover quickly. The Dow lost a modest 100-points and that outperformed the broader indices which were down 0.5% to 2.0%, depending on the index. Small caps took the brunt of the selling yesterday with the yield on the 10-year T-Note rising sharply above 4% to new highs, but overall the losses just gave back some of the recent gains they accumulated in recent days.

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We got some follow through to Monday's big rally on Tuesday, which is a good sign but a little selling at resistance pushed the indices well off their highs so it wasn't as easy as it sounds. Still, gains of near 1% was the theme by the close and the bulls will take that in this bear market environment. Bonds were up as the dollar and the 10-year yield were down slightly.

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We've had a ping pong match over the last few trading days with giant moves in both directions. Yesterday' move was to the upside and it basically recaptured Friday's losses, which had taken back Thursday's gains. But that's two up days to Friday's losses and suddenly the S&P 500 is almost 200-points above Thursday's lows. The Dow gained 551-points which percentage-wise lagged the broader indices which were up between about 2.5% to 3.5%.

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After an historic positive reversal on Thursday following the CPI report, stocks opened higher on Friday but the bears were there to do what they have been doing most of the year... sell the rally. The Dow ended the day down 404-points and there were a lot of crooked number losses of over 2% in many of the indices. Yields and the dollar moved up putting the pressure on the stock market once again.

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