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Comment on the Daily Market Commentary (www.tsptalk.com/comments.html)
The market has been hanging tough lately despite the constant political and geopolitical wrangling going on, but yesterday there was a little more head shaking and maybe some frustration from the bulls. We did see a little push off the early lows, but the bears won this battle. The Dow lost 59-points while small caps and the Transports were hit hard.
The day traders are probably having a field day betting against any move away from break-even for last couple of weeks as we saw yet another reversal day. Yesterday was another day where the Dow saw a big early move, only to have it snap back to almost where it started. The 148-point decline on Tuesday morning turned into a 7-point loss by the close, and the non-day trading analyst are all in waiting mode, anticipating the next move that will actually hold.
The market continues to play give and take as the bulls buy up every dip lately, and the bears are selling every spike keeping the indices in a tight trading range. The Dow, which was up 94-points at its peak Monday and down 41 at its low, closed up just 2-points. We saw some relative strength from the small caps and particularly the Transports yesterday.
It was a busy week on Wall Street last week, culminating with a double dose of inauspicious news after we learned of the airstrike in Syria and got the March jobs report which came in much lighter than expected. Still, the market held up well in the face of this, and it took a late move lower to push the indices from modest gains to slight losses. The Dow ended the day down 7-points.
The market action yesterday may be looked at from a couple of vantage points, and depending on which angle you take, the action may have seemed bullish, or bearish. The Dow ended the day up 15-points, but it was up over 90 earlier in the afternoon so the bulls gave way and couldn't hold onto those gains. But the bears had many reasons to push things lower yesterday, and they didn't do a good job either.