Daily Market Commentary

Stocks were floundering in the early session on Tuesday, but a rally ignited in the afternoon. Being the first day of a new month, it's not unusual to see new money coming into the market, hence the tendency for the first day to do well. The Dow ended the day up 237-points, and the other two major indices were in that same percentage gain area. The I-fund and small caps outperformed. The dollar was down again, and bonds were mostly flat.

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Stocks started out on the sluggish side on Monday morning before investors started to buy again, giving us a clue that the selling side may have been exhausted for a bit - well at least for a couple of days because the S&P is already about 7% off last Monday's low. The Dow lagged percentage wise with its 406-point gain, while the Nasdaq and small caps exploded with gains over 3%. The I-fund also rebounded and had the help of a big decline in the dollar as well.

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Another major reversal for stocks on Friday and this was one of the few that saw stocks down early and finish strong. The Dow was actually negative at 2:40 PM ET before someone flipped a switch and a massive rally ensued in the final 80 minutes of trading. It was just the second positive close for the S&P 500 in the last nine trading sessions, and the prior one was just a gain of 0.28%. Friday's was a 2.45% gain for the S&P. Small caps kept up with the large caps, but the I-fund will ...

Another big morning rally was reversed on Thursday. This one was a gap up open that eventually failed. Stocks were down again as the "sell the rallies" mentality has taken over. There are some signs that the market is overdone on the downside, but that could just mean a multi day rally is well overdue, but that could be sold as well. We're looking for one that should be more meaningful than these fleeting intraday rallies that repeatedly fail. The Dow lost just 7-points but the broader ...

Stocks closed mostly flat yesterday. There I go again - sarcasm! It doesn't work real well in print, does it? Yes, the S&P 500 and Nasdaq were flat on the day but the action was anything but flat. The Fed released their policy statement and initially the big morning rally in stocks was extended to huge levels. The S&P was up nearly 100 points just after 2 PM ET, but that turned into a big loss and finally flat by the close. The Press Conference afterward may have left more questions ...