Daily Market Commentary

The bulls woke up on another Turnaround Tuesday and we saw big gains in most of the indices, so the bullish Bullard comments after the bell on Monday that we talked about yesterday, did rollover into the new trading day. The Dow gained 500-points while the high beta stocks of the Nasdaq and small caps led on the upside. Many of the charts ran up to their next level of resistance, so there may be more work to do for the bulls. Oil and other commodities fell sharply on the day, while bonds and ...

The choppy action continued on Monday as we saw back and forth swings during the day that culminated with the S&P 500 closing basically flat on the day, the Dow and Nasdaq down slightly, but small caps (S-fund) were beaten down a bit to the tune of 1%. It was mostly a stalemate but there may have been a winner at the end of the day, but it took an outside influence after the bell to declare it.

...

After opening in positive territory on Thursday, stocks quickly flipped over and made a steady decline into the end of the day, which was seasonally uncharacteristic on the Thursday before the three day Easter weekend. The Dow lost a modest 113-points, 0.33%, but the broader indices took a more serious hit and the Nasdaq took the brunt of it losing over 2% on the day. Retail sales came in lighter than expected, initial jobless claims were worse than expected, but we did see Consumer Sentiment ...

After a big rally failure on Tuesday, stocks tried again on Wednesday and this time succeeded in holding the gains into the close. But be careful. T'is the time for holiday reversals. We'll talk about that below. The Dow gained 344-points while the small caps, the Nasdaq, and Transportation stocks led on the upside with 2% gains on the day.

...

After the pre-market CPI report was released we saw the start of what looked like another Turnaround Tuesday. The problem was the gap up open gave the bears a reason to push the indices back down, to fill that gap, so the turnaround turned back down. The Dow was up 362-points at its high and ended the day down 88-points, which was actually more than 100-point off its low as well. The S&P 500 hit a wall of resistance at its highs before flipping over. Bonds were up as yields came off their ...