Daily Market Commentary

Stocks rallied sharply on Friday after a better than expected jobs report. The U.S. economy gained 287,000 jobs in June, which was over 100,000 more than expected, while the unemployment rate actually increased to 4.9%. The indices moved steadily higher all day and by the close the Dow had added 251-points.

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Stocks bobbed and weaved yesterday in front of today's (Friday's) jobs report. After last month's very disappointing report, investors seemed tentative to make any bold moves leading up to this one. We saw some selling of an early rally, and some buying of the afternoon decline. By the close the Dow lost 23-points although the indices were mixed with gains in the small caps.

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Stocks rallied strongly after a weak open and we saw many positive outside reversals on the charts yesterday. The Dow ended with a modest 78-point gain after an early 127-point loss. Stocks rallied into the release of the Fed Minutes, and continued after as it becomes fairly clear there will be no rate hike any time soon.

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Stocks did a post-holiday pullback on Tuesday, so it was the holiday reversal at work as the Dow shed 109-points on the day. Oil fell sharply on concerns of a global slowdown as the dollar rallied, while bank stocks and yields continue to decline.

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Stocks held up on Friday with some typical pre 4th of July positive action, although it closed off the intraday highs. The Dow gained 19-points while small caps, and particularly the I-fund, led the way. Last week's bounce-back from the Brexit vote seemed to be triggered by more stimulus talk.

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