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Stocks opened sharply lower on Wednesday morning but it didn't take long for the buyers to step in and buy the dip to follow through on Tuesday's late dip buyers. The Dow turned a 120+ point early decline into a 2-point gain by the close, with small caps outperforming
Stocks were mixed on Tuesday with the Dow down 86-points, although it had been down about 150-points at the lows. By contrast the S&P 500 lost just 2-points on the day and small caps, the Nasdaq, and the Transports all closed in positive territory. Once again the dollar held back the I-fund.
I hope everyone enjoyed their holiday weekend. I did something I hadn't done in a long time, if ever - I didn't sign onto the site in anyway for over 2+ days. I needed the break but it was more of a mistake as my server in my office went offline and I couldn't communicate with it like I normally do when I'm away. It looks like everything survived, so let's get to work...
Stocks showed us some typical, light volume, slightly positive biased action on Friday as the Dow gained
Last week, I posted a chart of the NYSE and I said that price was likely to find support between the 2 lines I drew on the chart. I also said that there was a large, weekly doji that showed how much of a battle there was between the bulls and the bears; a battle the bulls won 2 weeks ago, but they had to lift the NYSE off a deep low. That low was about in the middle of my support area. I cautioned that price was fighting to stay above the 50 dma, but that overall I was leaning bullish for the coming
Stocks saw a light volume mixed to flat day on Thursday as the Dow lost 23-points, the S&P was flat, the Nasdaq was up a half dozen points, and small caps slipped about 0.2%. The holiday trading atmosphere is here and the historical bias leading up to the holiday is slightly positive.