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Comment on the Daily Market Commentary (www.tsptalk.com/comments.html)
Stocks showed a lot of spunk on Wednesday as an early 260-point loss in the Dow reversed on a dime in late morning trading and headed up for the rest of the day. The 53-point gain wasn't all that impressive, but it was more than 300-points from the low to the close. It appears that oil was the culprit again.
Stocks played Turnaround Tuesday yesterday as Monday's big gains were nearly completely reversed. The Dow gave up 189-points and many of the major indices lost 1% or more. The losses weren't overwhelming. We simply saw many of the gaps opened on Monday morning get filled. But the issue is where stocks are stalling - right at some major resistance levels, and if they don't bounce back quickly, the bear market rally could be over.
Stocks opened sharply higher on Monday and maintained solid gains throughout the day. The Dow ended the day with 229-point gain. We saw some breakouts and some near misses. If there's a problem with the action it is that there was very light trading volume, particularly compared to the volume we saw during the selling.
After a big start last week, stocks were a little tentative for a couple of days to end it. The Dow had rallied 950-points off of the recent lows but it experienced modest losses of 40-points on Thursday and 21-points on Friday, and it may just be a healthy pause while stocks worked off some short-term overbought conditions. Of course the other side of that story could be that we got a bear market rally, and it is now stalling. This looks like an important week for the market.
Stocks took a pause on Thursday after the 951-point rally off the lows. The Dow lost 40-points and a modest pullback certainly doesn't seem alarming. There was nothing particularly wrong with the action, but we are in a bear market and unless that is going to change anytime soon, I guess we shouldn't be surprised if we see more bearish action.