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Stocks showed little direction this week with the exception of a rally on Tuesday sparked by Paul Ryan's comments on tax cuts; a subject that will continue to grab the attention of investors. Stocks pulled back the very next day and neither the bulls or bears were able to take control. Janet Yellen's anticipated speech in Jackson Hole was a bit of a disappointment on Friday. Nothing significant was said so traders and algorithms alike were not sure how to react.

In all it has been ...

Stocks opened higher on Thursday but sellers came in fairly quickly, and another mid-morning rally was interrupted by a tweet from President Trump. The Dow ended the day down 29-points and the indices traded in a tight range but not all indices were treated equally. Small caps led with modest gains while the Transports lagged with a stiff loss.
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Stocks pulled back yesterday, giving back about a third of Tuesday's gains. The Dow shed 88-points while small caps outperformed the large caps, and the I-fund held up because of the dollar reversing back down. The S&P and Nasdaq futures continued lower after the close so there could be some pressure to start today's trading if nothing changes.

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Stocks gapped up on Turnaround Tuesday and the bulls finally had their way as the bears stepped aside for a day. The Dow gained 196-points and the talk is that Paul Ryan's comments on tax cuts helped bring the bulls back to the table after taking a couple of weeks off.

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Stocks were lower in early trading but some dip buyers showed up and it turned out to be a relatively quiet day on very light volume as most of America was outside sun gazing. The Dow ended the day up 29-points, which was about 100-points off the lows. The Nasdaq finished with a small loss, but for the most part stocks were flat.

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