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IBM was up close to 9% yesterday and that accounted for much of the 160-point gain in the Dow on Wednesday. The more broader indices like the Nasdaq and S&P 500 were flat on the day, while the small caps, Transports and I-fund bounced back from some recent losses. Bonds pulled back while trying to hold onto its bull flag.

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Stocks were mixed while trading in another very tight range on Tuesday, and volume continues to evaporate. The Dow gained 40-points and briefly hit 23,000 for the first time. The S&P, which was down most of the day, closed with a small 0.07% gain. The Nasdaq was flat and the small caps, I-fund , and Transports were all down modestly.

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Stocks were mixed on Monday with the Dow leading the way with an 85-point gain. We saw more modest gains in the S&P 500 while the small caps and EAFE were fairly flat. The market leading Transportation Index was down sharply again.

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Stocks faded toward the end of the day on Friday but still closed with modest gains. For the week the TSP funds were mixed with the C-fund picking up a small gain, the S-fund had a small loss, and the I-fund had a big week leading the way. Bonds were up moderately. Momentum still favors the bulls but the Transportation Index posted a big negative reversal day on Friday that we'll have to keep an eye on.

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Stocks were mixed this week with low volume trading and low volatility. Large caps were up slightly while small caps pulled back amidst the anticipation of the tax cuts. Debatably, the tax cuts may already be priced in but the fear of being left out of a potential rally sparked from a tax cut deal is keeping traders from selling. However, reason to buy seem to be diminishing and the potential for a 'sell the news' reaction could have them leaning the wrong way when an announcement is made. Perhaps ...