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Stocks were cruising right along on Friday but an early afternoon news headline regarding the election pushed stocks off the table and the respectable early gains turned into some modest losses. The Dow gave up an 88-point gain and ended with an 8-point loss. Normally a positive boost for stocks, this election has been anything but, so far.
Stocks opened higher but once again could not hold the early gains and we're hitting some very vital levels on the charts that could become do or die. The Dow lost 30-points but we saw more serious losses in the broader indices. We're not talking major losses but the indices continue to bleed. The S-fund, yes. It has been falling more rapidly, and the 200-day EMA may be the line in the sand for the bull market in small caps.
Stocks were mixed yesterday with tech stocks rocked by the disappointing earnings out of Apple, one of the bellwether earnings reports each quarter. The Dow was up 30-points despite Apple being one of the Dow 30 stocks, but financial stocks did well holding that index in positive territory. The small caps have been lagging and their chart is in need of some help - quick.
It was another disappointing day for stocks on Tuesday as an early rally faded yet again and closed near the lows of the day. The losses weren't terrible, but it's the inability for the indices to hold onto early gains, and except for Friday's strong close, this has become a recent trend. The Dow ended the day down 54-points.
Stocks opened higher on Monday, opening a new gap on the charts, but we did see some deterioration as the day went on. The indices closed with decent gains although the 129-point early gain in the Dow turned into a 77-point gain by the close. The Nasdaq led with a 1% gain, closing at the highs as big tech stocks are leading the way.