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Stocks opened modestly lower on Monday but the dip buyers didn't take long to jump in. There was a late afternoon push lower to move the Dow into negative territory, but the dip buyers were not far off again, and the Dow closed up 67-points. There were mixed results in the broader market as the S&P was slightly better than flat, small caps had a strong day, and the Nasdaq was down on the day.
The jobs report came in at +242,000 on Friday, with an unemployment rate of 4.9%. That was strong enough to thwart recessionary concerns, but probably not too strong to get the Fed back to raising rates. The embraced the results and the Dow gained 63-points. The recent decline in the dollar helped the I-fund lead the way.
It wasn't too long ago that the current market was acting very much like a bear. And it was global in nature with many charts rolling over and technical indicators suggesting more downside was in store.
But it was a bear trap. And a heavy duty one too.
The S&P 500 hit a double bottom in mid-February and hardly looked back.
With global growth concerns painting a dire economic picture, central banks around
Updated 03-06-2016 at 09:30 PM by coolhand
After initially finding negative territory Monday, stocks saw decent gains this week beginning with the big rally on the first day of March. The following two days were relatively steady while producing additional modest gains.
A solid jobs report with an addition of 242,000 jobs eased any recessionary fears but it wasn't too large to alert the feds to raise rates. The market embraced it positively although there was some profit taken toward the end of the day.
March is off to a strong start, comparing our current performance against historical prices, I'd estimate we're on target for a 6-8% monthly gain.
___10 of the last 15 days have closed up
___Recaptured more than half of wave AB
___Broad band of resistance from 2000-2020
___Approaching overhead trendline resistance
Here's a review of what's happened this March, last week, and last