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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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Stocks end 2019 with best gains since 2013, gains for the new year, and a loss for the week. On Monday light volume profit taking pushed stock indices into negative territory for the week. Stocks eventually rallied into the new year and started the year off with gains putting the week back in the green. However Friday's missile attack which killed a high profile Iranian militant leader added instability to the economic and political framework. Naturally the potential consequences of this action ...

The New Year greeted Wall Street with more of the same sort of action that we've seen over the last 3 month. That's not unusual during the first few days of a new year, with seasonality and the Santa Claus rally still in effect, plus new inflows from pensions, etc., but it doesn't last forever. The Dow gained 330-points, or 1.2% which is well above the seasonal average, as it was on the Nasdaq, but the S&P 500 and the Russell 2000 were more subdued at +0.84% and -0.10% respectively. Interesting ...