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A lethargic early rally yesterday stalled after the Fed disappointed investors. Modest gains turned into losses, and we saw big declines in small caps and transportation stocks. The Dow lost 38-points.
Stocks struggled to find direction yesterday, but by the close it was the sellers who took control. The Dow lost 64-points and most major indices lost about a half of a percent.
The losses were minor but the stocks indices were down for the 9th consecutive Monday. The Dow gave up 3-points, the S&P was down less than 1-point, and the Nasdaq shed 12. Not bad considering the nearly 400-point gain in the Dow over the prior two days.
Stocks rallied sharply on Friday narrowly missing making it two consecutive 200+ point gains for the Dow to end the week. The Dow gained 188 and all of the major indices picked up about 2% on the day.
Last week's trading sure didn't start out so well for the bulls, but the last two days of the week saw a healthy rally that helped the S&P 500 close at its highest level since early May. That rally appears to have stirred some bulls as this week's charts are showing a healthy increase in equity positions.
This week, the Top 50 hiked their total stock exposure from a meager 19.5% to a more robust 48.3%.