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A late sell off spoiled what looked like a third big day for stocks, pushing some indices slightly into the red by the close. The Dow had been up about 450-points over the prior two days so bulls were probably OK with a 21-point dip on Wednesday. The action and what it did to the chart is not very bullish for the short-term, but that was to be expected after we saw the big rally creating many open gaps and double tops on the charts.
Stocks rallied again on Tuesday posting the best two-day rally of the year, but it also created a second consecutive open gap on the S&P 500 chart, a very rare event. The Dow gained another 232-points with about 100 of those points coming from two big movers, McDonald's and Caterpillar. Because of those large cap movers, the broader indices didn't see quite the same percentage gain, but solid gains none the less.
Stocks rallied on Monday morning after a favorable outcome out of the election result in France, plus the nerves going into the weekend were abated with no further geological events, although the threats still remains. The Dow jumped 216-points and we saw 1% plus gains almost across the board.
Stocks wavered back and forth on Friday as investors were a bit tentative in front of another weekend. Stocks have been down on the last trading day of the week for 6 straight weeks. This week it was the French elections holding back the bulls, and of course the continued saber rattling out of instable North Korea.
Stocks opened higher on Thursday morning and continued to rise most of the day, except for a late minor dip near the close. The Dow gained 174-points, off the 200+ point highs of the day. The Nasdaq, small caps, and the Transports led the way on the upside, and those are the leaders that the bulls would want to see outperforming. The Nasdaq actually made a new closing high.