Daily Market Commentary

Stocks sold off again on Thursday following another rally in bond yields and what is being interpreted as hawkish Fed as they have not thrown in the towel yet on more potential interest rate hikes. The Dow dropped 371-points and we saw losses well over 1% in many of the indices. Bonds and the F-fund were down on the rally in yields, and the market will just have to fight its way out of this seasonal weakness.

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Stocks were moving higher in early trading on Wednesday but readers were bracing for the Fed's latest policy statement and press conference which turned things around and stocks closed sharply lower. The Dow lost a moderate 77-points or 0.22% but the larger broader indices were more indicative of the bearish day we had. Surprisingly, small caps outperformed large caps slightly as key support held, and the economically sensitive Transportation Index gave up a big gain, but did not close negative. ...

Stocks caught a bid after a weak morning of trading, and while the rebound off the lows created a modest positive reversal look on the charts, the indices couldn't push into positive territory by the close with the FOMC meeting looming today. The Dow shed 107-points, which was a couple of hundred points off the lows, and the S&P, which bounced off of some longer-term support at its lows, lost 0.22%. The Nasdaq and large cap tech didn't help yesterday, despite Apple closing with a second straight ...

It wasn't a blockbuster move and the gain was in jeopardy up until the last minute or two of the trading session, but the S&P 500 was able to make it 11 positive Mondays in a row*, which goes back to July 3. The Dow and Nasdaq also saw tiny gains but in reality it was a very flat day of trading, unless you look at the small caps and the I-fund where the selling continued. Bonds were up slightly with yields mixed.

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Stocks sold off on expiration Friday, giving back the solid gains it had accumulated during the week. The Dow lost 289-points and this time it was big tech that led the S&P 500 and Nasdaq on the downside, while small caps outperformed, although it was no picnic for them either on Friday. Stocks are still having a very strong year so is this just the typical fall shake out before the typical 4th quarter rally - especially if the Fed is done raising interest rates, or is there something more ...