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Once again someone flipped a switch after a very positive morning and it turned into a sell the rally afternoon. The Dow, which was up over 450-points at the early highs, ended the day down 313-points. There wasn't a whole lot of news to trigger the move, but as we've been talking about, investors and money managers will use rallies to sell and / or reallocate their portfolios for a higher interest rate environment. Bonds were up a bit even though the 10-year Treasury yield ticked up again. ...

Yesterday was not a good day for stocks, in more ways than just the closing losses. It showed us that investors and traders are in fact in "sell the rallies' mode. We saw the indices open with decent gains, pullback, then stabilize again and move back up, but that second push higher also failed, and eventually the indices closed at the lows of the day. The Dow lost 340-points and as we pointed out yesterday, fell below a key trading channel. The Nasdaq and small caps continue to lag. ...

No follow through to the pre-holiday positive reversal as Turnaround Tuesday turned into a Trouncing Tuesday for stocks. The Dow dropped 543-points on the day, and higher yields rising were the catalyst as the 10-year Treasury moved close to 1.9% yesterday. This recent push higher in yields isn't too much of a surprise to many people, but perhaps the speed of the move is. Some investors, who may be still heavily invested in growth stocks and not allocated for a high interest rate environment, ...

Stocks bounced back from some early losses to close mixed on Friday. The Dow lost 202-points, which was nearly 300 points off the lows of the day, so there was a nice intraday rebound. The S&P 500 poked into positive territory before the close, but small caps and the I-fund lost some ground on the day despite the late push higher. The dollar was up giving the I-fund some trouble, and yields rallied again sending bonds and the F-fund down sharply.

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-- Intrepid Timer

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