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Stocks traded in a fairly tight range on Friday, coming off some early gains, but rally into the close to end the day mixed, although mostly flat. The Dow slipped 7-points and the market continues to digest recent gains and dissect the new administration's actions and intent.
With Trump in office and moving quickly on some of his campaign promises, stocks were up and some indices broke out of their extended trading channels. Headlines are the main catalysts for stocks but the momentum halted Thursday and Friday with no significant moves in stocks. The Dow finally hit the over talked about arbitrary 20,000 mark this week. Investing is a game of psychology though, so the attention on the Dow hitting this benchmark may create a mental support line in traders' heads.
The Dow followed through with some minor gains to push it above 20,100 but most of the other broader market indices were flat to lower on the day. Small caps and the I-fund lagged on a bounce back in the dollar, while the Transportation Index rallied again, but stalled at resistance.
It took longer than anticipated, but the Dow finally made it above 20,000 and while the fanfare was grand, a little of the luster was taken off the shine because the media beat it to death for weeks before it happened. The Dow gained 156-points closing at 20,069 and of course that is now rearview mirror data, so what's ahead?
For the 9th day in a row, stocks alternated between a positive day and a negative day, and there have been only 2 days this month that saw a repeated move (both up). Yesterday's gain was a good one with the Dow adding 113-points. There was a little bit of selling as we approached the close to push the indices off their highs thus avoiding breakouts from the trading channels they have been in.