It's been a heck of a start to 2015 as we have seen wild swings in both directions, and yesterday's (Thursday) swing was up. The Dow gained 225-points, and these triple digit moves seem commonplace these days. Of course a triple digit move in the Dow isn't what it used to be since at 17,000 plus, it takes 170-points to move the Dow 1%.
The day started out with some promise as the big earnings reports from Apple and Yahoo saw the pre-market futures sharply higher and for the most part, although choppy, we saw some decent gains in the first few hours of trading. But after the Fed policy statement was announced, investors saw it as a reason to take profits, and then to outright sell. The Dow ended the day down 196-points, erasing an early morning gain of nearly 100-points.
The index futures turned sharply negative in pre-hours trading on Tuesday, and that translated in a very weak open and a stiff sell off in stocks. There was a strong attempt at a recovery mid-day but the Dow still closed down 291-points, which was actually 100-point off the lows. Weak earnings and a poor Durable Goods report were blamed.
On the bright side, after the close yesterday, strong earnings reports from Apple and Yahoo sent the futures
The futures were down very sharply on Sunday night, but it didn't take the bulls long to jump on the lower prices. Stocks quickly came back to the break-even level and the Dow ended the day slightly higher. Small caps outperformed and the I-fund also had a good day.
S&P 500 (C fund) ||Dow Completion (S fund) ||EFA (I fund) ||Bonds (F fund) |