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Stocks rallied yet gain on Thursday as the melt up that everyone had been talking about, may be here. The Dow gained 212-points or .074%. Small caps lagged a bit closing off their highs, and the dollar was up putting some pressure on the I-fund.

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Stocks rallied about a half of a percent yesterday, but that doesn't tell the story of the last 24 hours or so. We saw a 500-point decline in the Dow futures after hours trading on Tuesday night. By the opening bell, the indices opened flat. From there the dip buyers used the reversal to trigger another rally, and the Dow was up nearly 300-points at Wednesday's highs. A sell off in the final 30-minutes cut those gains in half, but overall the bulls came out on top after the wild ride.
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Stocks dipped on Tuesday, putting a halt to Monday's reversal attempt. The Dow led on the downside with a loss of 120-points, or -0.42%, while the broader indices held up slightly better. Bonds were also down but afterhours we did see a positive reversal there, and further losses in stock index futures after another airstrike in Iraq.

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Stocks opened sharply lower on Monday, and like many emotional Monday morning gaps, stocks rallied to fill that open gap, but rather than rolling over again once the gap was filled, the bulls kept the pressure on and the indices closed at their highs of the day. The Dow gained 69-points. We didn't see new highs yesterday, but they're not far off. There is one technical aspect that may be a roadblock, as you'll see in the S&P 500 charts below.
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That's one way to start a new year... a sharp spike up on day one, followed by an almost equivalent turn down on day two. The Dow lost 234-points, or 0.8%, and the S&P and Nasdaq saw similar losses. Small caps held up a little better while the I-fund seems to have been given a favorable price since the EFA was down 1.2%. That may get adjusted today.

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