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Stocks slipped on Monday after a very choppy day of trading but the indices stayed in a fairly tight trading range. The Dow gave up 62-points and only the Nasdaq posted any kind of meaningful loss. Of course that was coming off of the big gains on Friday. Bonds were down as yields ticked higher. The dollar was down, and that weakness have to continue if we want to see stocks moving higher, and we'll talk about that below.

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Stocks explode higher on Friday with a surge of buying at the open, and again at the close, with very few signs of selling in between. The Dow gained 823-points and it was the lagging index percentage-wise with the S&P, Nasdaq, small caps and Transports all gaining between 3% and 4% on the day. The question on all investors' minds is whether this is an indication of a bottoming process, or if the action is just a typical bear market rally destined to fail again.

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Stocks rallied yesterday in another volatile day after stocks opened up near their highs, lost it all, and then rallied into the close to recapture those morning highs. That set up a nice positive reversal day on the charts. The Dow gained 194-points, while small caps and the Nasdaq led on the upside. Yields fell so the F-fund had another good day. It's been very choppy out there and we'll have to see if the bulls can put together back to back positive days.

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I would define the action on Wednesday as chippy. It gave both the bulls and bears something to chew on, but frustrated both as the deeply negative overnight futures rolled over into Wednesday's opening, but it was quickly bought. The bulls then took over until later in the afternoon where the buying dried up and the bears came back in the picture to pull those gains away and push the indices into the red, although basically flat. The Dow closed down 47-points but it was positive literally 3

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Stocks have been due for some relief and we saw some of that on Tuesday following 10 down weeks out of the last 11 for the three major indices. The Dow gained 641-points but there was a little selling in the final hour of trading as investors still show signs of being nervous in this "sell the rallies" environment. We saw a big bounce back in the energy sector as it led the way higher despite the price of oil - while up modestly yesterday - remaining near recent lows. Smalls caps and

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