Daily Market Commentary

Stocks opened higher on Monday, following through on Friday's jobs report triggered rally. The Dow gained 80-points on the day. There was reason to expect some profit taking today so the gains were encouraging for the bulls, but there was some late selling that took the indices off their highs and that could mean some short-term weakness ahead, but that could be as short as intraday today.

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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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