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The focus this week was centered around technology company earnings. The indices were dragged around following the reaction of earnings from tech giants such as Meta (Facebook), Apple, Netflix, and Amazon. The last two days were manipulated by the buying triggered by Meta's earnings and new members bringing the S&P 500 (C-fund) back to positive territory for the second time this week. That was followed by Amazon's worst quarterly loss in seven years reported after the bell Thursday. This sparked ...

Stocks opened modestly higher on Thursday, chopped about for a while, but just before lunch the bulls took full control and we saw explosive gains in most of the major indices. The Dow gained 614-points, and that was actually well off the high, but +1.85% nonetheless. The Nasdaq gained over 3% and the S&P picked up 2.5%. Small caps had an interesting day despite lagging a bit. There was a rare positive outside reversal day created on the chart, which is usually a very good sign. Bonds were ...

Stocks tried to move higher yesterday but twice good sized rallies faded and the indices closed much closer to the lows of the day, than the high. The Dow gained 62-points, off the nearly 400-point gain it had midday. The late selling took the Nasdaq into negative territory, and small caps also lagged. Bonds were down and there was another big rally in the dollar. Earnings are being dissected and it feels like no one knows what to expect, or how to react after they come out.

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Monday's positive reversal, on light volume as we noted, didn't hold for a minute yesterday, so no Turnaround Tuesday this week as we headed into big earnings after the bell yesterday with another major sell off in the indices, and the selling was very broad. The Dow lost 809-points with more crooked number losses in the other indices and the small caps of the S-fund's index closed at a new low for 2022.

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The bears were ready at Monday's open to show their teeth and follow through on last week's sell off. The selling continued into early afternoon but, just as many indices started to flirt with support, we got the headline that Elon Musk's offer to buy Twitter was accepted. This put a different spin on the day and we saw a decent intraday reversal. The Dow turned a near 500-point loss into a 238-point gain by the close. Oil was down and bonds were up, as yields dipped of their recent highs. ...