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What a day for stocks on Wednesday. After falling 277-points within the first hour of trading, the Dow climbed its way back into positive territory just before the close, before ending the day down 33 cents. The indices were mixed with the S&P 500 and Nasdaq closing in positive territory, while the small caps and Transports were in the red, but all rocketed off their lows producing positive reversal days.
You would think that momentum would be positive
After Monday's big rally, stocks tanked on Tuesday triggered by China's devaluation of the their currency, the yuan. The Dow lost 212-points and it has been down 7 of the last 8 trading days. Welcome to early August.
China devalued their yuan by 2%, which is actually a major move compared to prior moves - 5 times bigger than any other devaluations in the last 10 years. Why does this matter? It sent commodities and commodity related stocks sinking. Wheat,
Stocks opened higher on Monday and sustained the gains throughout the trading day closing near the highs. The Dow gained 242-points and the broader indices saw similar advances of about 1.3% or more.
TSP Talk Sentiment Survey results for the week of 08/10/15 - 08/14/15
The TSP Talk Sentiment Survey came in at 37% bulls, 45% bears.
See latest survey results
Get the Sentiment System Signals...
The losing ways continued for stocks on Friday as the Dow shed another 46-points. The jobs report came in line with estimates and that didn't seem to be enough for investors - just another excuse to sell. But there was some buying during afternoon trading and the close wasn't all that bad considering the red numbers.