Daily Market Commentary

Stocks traded in a fairly tight range on Friday, coming off some early gains, but rally into the close to end the day mixed, although mostly flat. The Dow slipped 7-points and the market continues to digest recent gains and dissect the new administration's actions and intent.

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The Dow followed through with some minor gains to push it above 20,100 but most of the other broader market indices were flat to lower on the day. Small caps and the I-fund lagged on a bounce back in the dollar, while the Transportation Index rallied again, but stalled at resistance.

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It took longer than anticipated, but the Dow finally made it above 20,000 and while the fanfare was grand, a little of the luster was taken off the shine because the media beat it to death for weeks before it happened. The Dow gained 156-points closing at 20,069 and of course that is now rearview mirror data, so what's ahead?

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For the 9th day in a row, stocks alternated between a positive day and a negative day, and there have been only 2 days this month that saw a repeated move (both up). Yesterday's gain was a good one with the Dow adding 113-points. There was a little bit of selling as we approached the close to push the indices off their highs thus avoiding breakouts from the trading channels they have been in.

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Stocks opened lower on Monday morning but stabilized by noon ET when they started to drift higher toward the close ending the day with just modest losses. The Dow was down nearly 100-points early but closed down just 27. The leader was the EFA (I-fund) as the dollar made another lower low, and the laggard was the Transportation Index which lost nearly 1% on the day.

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