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We saw a nice snap-back rally on Thursday as the Dow gained 228-points. The reversal higher off the morning lows was impressive, but the close was a little suspect as the Dow slipped 103-points off the highs in the final minutes of trading. The bulls and bears may battle it out for a few more days before we get any real direction, but nervous bulls may give the bears an edge on Friday as we head into a 3-day weekend.
From tsp.gov: "Some financial markets will
The market made a mockery of our Turnaround Tuesday by taking away those gains on Wednesday, and then falling into the abyss. Well, that's an exaggeration but that could be what it feels like if you are in stocks right now. The Dow lost 365-points with 2% to over to 3% losses in many indices.
Oil was trading significantly higher in early trading but a stronger than expected inventory report sent it down again, and that's about the time stocks started to retreat.
Was that a turnaround Tuesday? The action has been so poor lately that it sure looked good, and the bulls will take any gains they can get at this point, but there has been a lot of technical damage done to the stock index charts and there are no certainties in this kind of environment.
The Dow did gain 118-points and reversed nicely off the lows. Oil was once again the catalyst as it fell sharply intraday, and actually dipped below $30 a barrel briefly before rebounding
Stocks had one of those wishy-washy days during a sell-off where we didn't get a high volume washout low, nor a strong reversal higher. We had a little bit of both, but not enough of either to give us an all's clear sign. The Dow did gain 52-points, which beats a loss, and it did close strongly and well off the lows, but volume was light and it looks likes a rally that could easily be sold off again. The S&P 500 was flat and the Nasdaq was down slightly. The dreaded small caps and Transports
Stocks flirted with a rebound on Friday but the closer we got toward the close, the more investors opted to play it safe over the weekend. The small gains at 2 PM ET, turned into sharp losses by the close and the Dow ended the day 168-points.