Daily Market Commentary

Stocks opened higher on Wednesday getting a boost from Apple's strong earnings report, but things faded as the FOMC policy statement neared. After the announcement, the indices bounced around quite a bit but ended mixed again with the Dow losing 2-points, the S&P and small caps also down slightly, while the Nasdaq shined and the Transports fell sharply.

After the bell Facebook posted some big earnings and the stock is up about 6% after hours so ...

Stocks were mixed on Tuesday as the Dow shed 19-points while the S&P 500 was flat, small caps and the Nasdaq were up, and the Transports gained over 1%. The weakness in oil and McDonald's stock held the Dow back but overall it was a pretty good day for the broader market.

After the bell Apple surprised on the upside and that pushed the stock index futures, particularly the Nasdaq futures, higher in after hours trading. Twitter fell 10% after hours on a disappointing report, but ...

Stocks were down yesterday as the price of oil dropped sharply, and investors are preparing for some big name earnings reports this week as well as the FOMC meeting and policy statement on Wednesday. The Dow lost 78-points on the day, and the S&P 500 and small caps lost about 0.3%.

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Stocks continue to defy gravity as the S&P 500 closed at a new all-time high again despite some seriously extended readings in many indicators. Yes, the charts have shown some consolidation over the last week or so, and apparently that may be all that was needed for the underinvested to put money to work last week. The Dow gained 54-points on Friday. Small caps led and once again the I-fund was negatively impacted by strength in the dollar.

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Stop the presses! The Dow was down yesterday - for the 1st time in the last 10 trading days. The losses were moderate and broad as most indices lost 0.4% or more.

The latter half of July has a negative reputation mainly because of earnings, and the recent reports have been mixed - some good, some not so good. The profit taking is healthy for now, but we'll see if it brings anything more meaningful in the coming days.

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