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Comment on the Daily Market Commentary (www.tsptalk.com/comments.html)
For the first time since 1999 both the S&P 500 and the Nasdaq closed at new all-time highs. It wasn't a huge day, and the indices closed off their highs, but it's been 16 years since we saw that happen. The Dow gained 20-points, well off the 95-point gain it had less than an hour before the close. Investors still seem to be worried about "buying at the top."
The Nasdaq closed off the highs as well but after hours earnings boosted the futures to
A positive open was sold off immediately on Wednesday, but the bulls bounced right back and took the indices into positive territory and by the close we saw decent gains across the board. The Dow gained 89-points with the other indices gaining a respectable 0.2% to 0.5%. Despite being near all time highs, the market continues to climb the wall of worry.
Stocks were mixed yesterday with Dow losing 85-points while the S&P 500 lost just 3, the Nasdaq gained 20, and small caps were relatively flat. After Monday's action - a rally recapturing a chunk of Friday's losses, the indices gapped up with some decent gains, but those gaps were filled rather quickly producing a possible negative reversal day. The bears had an opportunity to do some damage but they didn't really capitalize as the indices did hold on rather well after the reversal.
Stocks rallied on Monday, erasing much of the Friday sell off as the Dow gained 209-points. Friday was an options expiration day and there seemed to be a lot of emotional selling, and yesterday's bounce back seems typical in a bull market when the selling is overdone. But there are some warning signs out there so we really need to see new highs soon or the bears will look to take control again.
Stocks sank on Friday and if you asked 5 people why, you'd likely get 5 different answers. I see it as investors getting nervous since the two prior tests at the recent highs failed, so it was a rush for the exit on whatever news was convenient. The Dow lost 279-points, and being an options expiration Friday, volume was very heavy. The good news is, the indices did close off the lows and most of them remained above key support levels.