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Stocks were mixed yesterday and many stocks fell into negative territory during a weak final hour of trading. The Dow ended the day up 8-points, and since the selling came late in the day, the I-fund held onto most of its gains.
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Stocks rallied nicely again on Friday as a dip in the dollar sent the prices of most stocks, bonds, and commodities higher. The Dow gained 55-points and we saw about a half of a percent gain almost across the board. The F-fund added 0.12%.
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Last week I said I was looking higher in spite of our overly bullish sentiment survey, but that I thought sentiment would still deliver some weakness during the course of the week. Monday through Wednesday gave us that weakness. That validated the sentiment. And I had two main reasons that I felt we'd end the week higher. First, was the fact that our auto-tracker showed a drop in stock allocations. That has been bullish all year. Second, underlying market support was still quite high. I felt that ...

Stocks started the week with some selling but things turned around by Thursday morning; moving almost straight up after the Philly Fed Report which actually came in much weaker than expected. Investors saw this as a sign that the Fed will be less likely to taper their quantitative easing program any time soon as bad economic news continues to be good news for stocks because of this easy money from the Fed.

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Stocks rallied sharply yesterday as the sellers just never showed up, particularly after the Philly Fed report came in much weaker than expected showing that bad economic news is still good news for the stock market. The Dow gained 109-points, while small caps led the way with a big day.
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