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Stocks snapped back on Monday, from the pre-holiday geopolitical jitters. The Dow gained 184-points and the S&P 500 grabbed back all of Thursday's losses, and a good part of Wednesday's. Small caps and the Transports led on the upside, which is a good sign considering they had both been flirting with breakdowns.
The closer we got toward the close on Thursday, before the long 3-day market weekend, the more investors moved into defensive mode while the precarious geopolitical events played out. There was a weak bounce just after 1 PM but the losses accelerated into the close and the Dow ended the day down 139-points. The 0.5% to 0.7% losses aren't disasters by any means, but these moderate down days have been adding up lately.
The first two days of the four day trading week had the typical action of early selling followed by dip buyers as we've been use to lately. Dip buyers took an early Easter vacation and didn't show up Wednesday or Thursday stringing two days of enough losses to give both the C and S-fund more than a 1% loss for the week. It seems geopolitical news and attitudes of public officials on the state of the economy are getting to investors and now they want some positive news before putting more money to
The market has been hanging tough lately despite the constant political and geopolitical wrangling going on, but yesterday there was a little more head shaking and maybe some frustration from the bulls. We did see a little push off the early lows, but the bears won this battle. The Dow lost 59-points while small caps and the Transports were hit hard.
The day traders are probably having a field day betting against any move away from break-even for last couple of weeks as we saw yet another reversal day. Yesterday was another day where the Dow saw a big early move, only to have it snap back to almost where it started. The 148-point decline on Tuesday morning turned into a 7-point loss by the close, and the non-day trading analyst are all in waiting mode, anticipating the next move that will actually hold.