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A rally in tech stocks and optimism for a debt-ceiling deal over the weekend saved U.S. stocks from weekly losses. The S&P 500 spent most of the week in negative territory after a flat Monday and nearly 2% in losses over the next two days. The early losses were a product of debt-ceiling anxiety. The June 1st deadline set by Treasury Secretary Janet Yellen comes next week and there is still no deal made on raising the debt-ceiling.

The worst case scenario is a default ...

Nvidia's earnings created a very weird day for stocks on Thursday as the Dow was down slightly but the S&P 500 and Nasdaq shined. The rally could be a sign that the pre-holiday reversal is over, but then again we didn't see gains across the board with small caps and the I-fund lagging badly, and about 2 stocks down for everyone up on the NYSE and Nasdaq. Yields and the dollar were up, and the Fed balance sheet went down another $20 billion and that put some pressure on many of the non-big ...

The market could not find a bid yesterday and we saw selling almost across the board. Large caps, small caps, Tech, Transports, etc., were all down sharply as the debt ceiling panic grows and the deadline gets closer. The Dow lost 256-points and there were similar percentage losses in the S&P 500 and Nasdaq. However, something happened after the closing bell that may change things at least for the start of today.

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The indices continued to retrace last week's big 2-day rally, and perhaps right on cue as we enter the pre-holiday reversal period, and the debt ceiling deadline quickly approaching closer. The Dow lost 231-points, but worse than that was the negative reversal in many indices as the small caps were on the verge of a breakout, but instead failed and rolled over. Yields also rolled over as bonds were up for the first time in 8 trading sessions.

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After a mini-breakout in the S&P 500 last week, stocks chopped around on Monday in a tight range, closing mixed but mostly positive. The Dow lost 140-points with retail, energy and large banks dragging the index down, while the S&P (C-fund) and the I-fund were flat, and the broader indices like the Nasdaq and small caps saw modest to strong gains. Bonds were flat to slightly lower as yields continue to rise.

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