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Stocks end a great month for stocks by rallying at the open yesterday, falling back into the FOMC policy statement, rallying after the announcement, then falling toward the break-even level into the close. The Dow ended the day down 21-points.
Stocks were mixed yesterday as the Dow and S&P 500 bounced above and below the break-even mark a couple of times. The Dow and S&P ended on the opposite sides of even mark as the Dow lost a point, and the S&P was up a fraction, while the Nasdaq, small caps, and the I-fund saw modest gains.
Stocks slipped yesterday on light volume. The Dow lost 37-points while the small caps, transportation, and international stocks lagged.
Last week I was looking higher given I had two buy signals; one from the Top 50 and one from the Total Tracker. The market ended the week mixed though, with the C and S funds dropped very modestly and the I fund posting a small gain. So while the buy signals didn't yield big gains the market remains very resilient and that counts too.
There are no signals for the new week as stock allocations only rose
Stocks made a big comeback on Friday as the Dow regained all of an early 150-point decline by the close. We saw many positive reversals, although not all indices closed in positive territory.