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Stocks were having a very solid day on Friday until the last hour of trading where most of the day's big gains were lost. The indices did close in positive territory, but a near 300-point gain turned into a 55-point gain for the Dow, and 1% gains in the S&P 500 and Nasdaq nearly completely evaporated. It was likely just end of the quarter shenanigans from money managers, but it did leave some ugly negative reversals on the charts.

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Trade war tensions had their greatest effect yet on stocks this week as things heated up a bit more between the two largest economies in the world. Stocks took the greatest heat on Monday with a gap down and more than a 1% loss across indices. For the rest of the week large cap stocks jumped around without recovering those early losses but also the selling pressure did not persist either. More selling continued intraweek for small cap stocks which have been the outperformers until recently. ...

Stocks rebounded moderately on Thursday stemming the bleeding for at least a day in most of the indices. The Dow gained 98-points but it was quite a wide trading range again being up as much as 190-points about an hour before the close, and down as much as 120 near the open. The Nasdaq and S&P led, while the Transports lagged with a modest loss, but a big positive reversal.

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Stocks started the day as if the bulls were ready to put in the bottom on the recent pullback. Dow was up 286 at the early highs before things turned around and headed south. By the close the Dow had lost 166-points, for 452 point turnaround, but this time the recently hot Nasdaq and the small caps were the ones getting hit the hardest.

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Stocks opened slightly higher on Tuesday, rallied modestly into mid-afternoon, and finally faded as we neared the close. The Dow gained 30-points on the day but it gave back an earlier triple digit gain with that weak close. The small caps outperformed with the Russell 2000 Index gaining 0.66% and our S-fund small/mid-cap fund gaining just under a half of a percent.

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