Daily Market Commentary

Stocks rallied on Friday with another peculiar spike into the close. We saw similar action when stocks were falling in March where the last half hour or so, exaggerated the day's action, and that happened on up and down days. It feels unnatural, but what it's telling us is debatable. The Dow finished with a gain of 705-points and percentage-wise it was the Dow and the small caps that did best - so the largest and the smallest, while the Nasdaq lagged but still had an impressive 1.4% gain. ...

Stocks chopped around quite a bit on Thursday, oscillating between gains and losses, particularly on the S&P 500, but a late rally helped push them toward the highs of the day by the close. Dow closed up 33-points despite spending most of the day in the red. Small caps lagged again, and like Wednesday, the large tech companies led on the upside giving the Nasdaq a big boost.

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Stocks gave back some of Tuesday's gains yesterday, after a bit of a wake up call from earnings and economic data. The Dow lost 445-points, small caps lagged losing more than 3%, while the Nasdaq led again with big tech names like Amazon, Netflix, and Tesla all closing with strong gains.

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Stocks rallied again on Tuesday, and like we saw on the downside in mid-to-late March where the intensity of the selling got more severe each day, this relief rally seems to be on the flip side of that as the upside bounce is being pushed to extremes, while many are leaning the wrong way. The Dow gained 559-points while the Nasdaq and S&P 500 led with gains of 3% and 4% respectively. Bonds were quiet.

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The new week started on the downside after last week's historic weekly gains. The losses were modest and the bulls made a decent comeback in the afternoon, pushing the indices off their morning lows of the day. The Dow lost 329-points and the S&P 500 dropped 1%, while the Nasdaq was up thanks to big gains in Amazon, Netflix and the semiconductors. Small caps and the Transports each lost over 2%.

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