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It was more typical light volume, positive biased, holiday action yesterday, although stocks peaked early in the day and drifted lower throughout the afternoon to close well off the highs. Still the Dow held onto an 11-point gain while small caps and the Nasdaq led the way again with solid gains.
Stocks were flat for most of the day on Friday, but some late buying pushed most indices into positive territory and the day ended with slight to modest gains. The Dow gained 15-points while the Nasdaq and small caps led the way.
It was another light volume, sideways to lower day for stocks as the normally strong week has been leaking in recent days, digesting the large gains it picked up leading into the holidays and since the election. The Dow lost 23-points while small caps were hit the hardest.
Stocks remained relatively flat most of the day before a late minor push lower. The Dow closed with a loss of 33-points and the 20,000 enthusiasts will have to wait another day. Volume was light and should remain light this week barring any surprises.
The Dow gained 91-points on Tuesday, just 26 points from the 20,000 level that the media is literally giddy about. Yes, it is quite a milestone, but obviously it is meaningless. A 0.46% gain is a 0.46% gain whether the Dow is 20,000 or 2,000, and that is a decent day. The problem is it feels like it is being pushed there artificially because of how far it has come in the last several weeks. What will happen once it gets there is the question.