Daily Market Commentary

Stocks were down yesterday making it three days in a row of losses, and four days in a row where the indices closed near the lows of the day after late sell offs. Trading volume isn't very high so it may not be institutional selling, but clearly the sellers have been dominating the final hour of trading this week. Both yields and the dollar reversed their earlier moves adding to days flip flopping action.

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Stocks resumed Friday's pullback with another weak day of trading in the stock market. The Dow lost 162-points on the day and the losses were broad and impacted most of the major indices, although small caps held up well and closed with a small gain despite giving up some bigger early gains. Bonds were down as yields moved higher.

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It was the best week for stocks since December but it ended with some profit taking as the Dow lost 305-points on Friday, and the losses were broad across most indices although the Magnificent 7 stocks did well keeping the Nasdaq positive. Small caps lagged losing nearly 1% on the day, and the F-fund led the TSP Funds as yields declined on Friday pushing bond prices higher.

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Stocks were flat for most of the morning on Wednesday and up until the Fed's policy statement when the bulls got the Goldilocks policy statement and commentary that they were craving. The Dow jumped 401-points and it was a broad rally that included large and small cap stocks. Yields were down helping the F-fund to a gain.

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Stocks rallied in front of today's FOMC meeting so investors showed some bravery despite some recent concerns of a peak. The Dow led the indices jumping 320-points and it was kind of a relief that the rally wasn't necessary tech driven as the biggest gainers in the Dow were Home Deport, Goldman Sachs, and McDonald's. Small caps hung in there with the S&P 500 as both posted positive outside reversal days, and it was actually the tech heavy Nasdaq that lagged a bit, despite a positive reversal ...