Daily Market Commentary

The new week started with some downside action that accelerated as the morning wore on. The Dow was down 130-points at the lows before the dip buyers showed up yet again. Much of those morning losses were erased leaving only modest losses in the Dow (-54-points) and S&P 500 (-0.22%), but the Nasdaq took more of hit dipping 0.88% on the day.

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Stocks were down most of the day on Friday but a late rally pushed a couple of major indices into positive territory, while the Dow shed 10-points - a second consecutive loss after 9 straight winning days. Small caps and the Transports continue to outperform as they posted solid gains and are reaching for their old highs.

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The Dow snapped a 9-day winning streak with 53-point loss on Thursday. The losses were nothing in relation to what stocks have done lately, but these days any red numbers seem to scare investors. The Nasdaq has been lagging lately but of course most of the indices are just barely off their recent highs.

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On a day when the Fed announces a multi-trillion dollar unwinding of their balance sheet, the Dow and S&P 500 close in positive territory. It wasn't much of a surprise but it shows how unshakeable this market has become. Bonds on the other hand did lose ground on the day, but the bond fund is hitting some longer-term support now. The I-fund was up but should have been hit as well since the dollar rallied on the unwinding. Now, will the day after be as kind to the stock market after a night ...

Stocks were up slightly again yesterday with the large caps of the Dow leading the way as we saw a 39-point gain. Small caps were down slightly, as were the Transports, while the I-fund led with the dollar sliding yet again. The Fed is on deck today so there is a level of uncertainty heading into Wednesday.

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