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It was another slow, slightly negative day for stocks on Tuesday with more selling in the last hour of trading, something we have not been used to this year. That was 3 weak closes in the last four trading days so there may be a bit of a change in character developing in the market. Still, 2 or 3 day pullbacks are healthy, and even more is fine as long as support is holding. The Dow lost 30-points.
The bears are putting a little more pressure on lately, but the bulls are no going away easily. The indices opened with some moderate losses on Monday but the dip buyers were right there again. If there was a difference from the recent trend of strong closes, it was that there was some very late selling so it was a bit of a mixed bag.
Stocks saw an early decline on Friday after Thursday's moderate pullback, but it didn't take long for the bulls to show up again and slowly push stocks back to positive territory by the close. The Dow ended the day up 3-points and it was a positive week for stocks thanks to the 300-point post-Trump speech rally on Wednesday.
Stocks pulled back on Thursday, and after a negative open, we saw no push back from the bulls for the first time in a while. The bright side is, a 113-point decline in the Dow after a gap open 300+ gain the prior day is not really sending any red flags. Of course every market top starts with a pullback from a high, but the bulls rarely go away that easily.
There were some nerves going into President Trump's Tuesday night address to congress, but as has been the case for the last 4 months, investors applauded when it was over. After breaking its 12-day winning streak on Tuesday with a small loss, the Dow rallied 303-points on Wednesday.