Daily Market Commentary

Stocks opened sharply higher on Monday morning, and like most big Monday opens, up or down, I was suspicious about whether it could hold or not. There was some selling in late morning taking away nearly half the early gains, but buyers stepped up and the Dow closed at +135-points - just off the daily highs.

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Stocks rallied sharply on Friday morning, but had a difficult time holding onto those gains. The 150-point gain in the Dow turned into a 3-point gain during late afternoon trading, before buyers stepped up again and the Dow closed at +59-points.
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Stocks were down sharply in early trading yesterday but they stabilized and spent the rest of the day flat to modestly lower. The Dow closed down 5-points and bonds closed higher.
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Another strong open accompanied by a weak close for stocks yesterday. This is not a very healthy pattern and we continue to see the leading Nasdaq and small caps indices lag badly. The Dow ended the day down 99-points, but it was made worse because it had been up 98-points out of the gate on Wednesday morning.
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Stocks opened higher on Tuesday and the bears made an attempt to sell the rally, but the bulls were able to win this battle as the Dow ended the day up 91-points. The Nasdaq and small caps lagged once again, and the I-fund had a strong day.
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