Daily Market Commentary

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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Stocks rallied for a 3rd day as we saw a bit of a melt-up where we had a combination of panic buying from those afraid to be left behind, and short covering from those who were betting against the market and had to get out of that position. The Dow ended with its 3rd consecutive 200+ point gain at +235-points.

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Stocks rallied hard for a second straight day as the Dow gained 285-points on Wednesday, and the 2-day rally has recovered 554-points of the 871-point Brexit sell-off. We've seen repeated "V" bottoms over the last couple of years as investors chase the rallies off the lows out of fear of missing out, and in the past that fear was warranted. But a test of the major lows is not out of the question and it has actually happened twice in the last year, which you'll see below.
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