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Stocks opened sharply higher on Wednesday after a stronger than expected economic report. The Dow ended the day up 54-points, but that was after an afternoon sell-off that took away much of the morning progress. Despite the selling, there was a lot of green out there and small caps outperformed for a change, while bonds were hit hard.

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opened flat to slightly lower on Tuesday, but then the disparity between the indices started to show itself again. The Dow and S&P 500, and to a lesser extent, the Nasdaq, started to rally, while the small caps and the Transports headed south. The Dow ended the day up 123-points, but that masked the broader weakness that we saw in U.S. stocks. The I-fund was also hit hard on Tuesday.

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Stocks gapped open on the upside on Monday morning after news of a trade deal was reached with Canada. As we might expect, large caps celebrated the trade news and the Dow gained 193-points on the day. Unfortunately, not all of the market indices were applauding and we saw some selling in the Nasdaq, which closed down on the day, while small caps took a beating so their recent underperformance continued.

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The market was quite flat on Friday to end to end a negative week for stocks. The Dow gained 18-points and the S&P 500 was flat. Small caps outperformed for the first time in a while, and the hot I-fund took a breather, falling as the dollar rallied for a second straight day. Bonds (F-fund) were up for the day and for the week.

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Stocks opened down on Monday and the action was choppy to start the week with traders anticipating the FOMC meeting where a rate hike was expected from the Fed. The Fed did raise rates as expected which was followed by a sharp sell off in stocks and a rally in bonds. The knee jerk reaction from investors and computer programs was not likely from the rate hike, that was a near certainty, but rather from the more hawkish words of Fed Chairman Jerome Powell signaling the Fed is preparing to take the ...