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The bears were running out of steam after Wednesday's nasty sell off, but the bulls still couldn't put together a rally in the three major indices. They did try as we saw the indices chop above and below the flat line all day on Thursday, but by the close the buying dried up. Internally there was some strength brewing as the small caps put together a relief rally, as did the I-fund with the dollar tumbling. Bonds were up as yields slipped.

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Well, we had a relief rally but it turned out to be one of the shorter versions, and "they" came in on Wednesday and took away all of the gains from that rally, and the S&P 500 closed at its lowest level of the year. Boy, are they good at doing that. Mom and pop were probably just getting brave enough to jump back in with the recent rally, and their money is evaporating again. The Dow lost nearly 1200 points and there was carnage across the board for the stock indices. Bonds and

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Despite Powell reiterating the Fed's hawkish persistence in raising rates as needed, stocks resumed their rebound on Tuesday. The Dow jumped 431-points or 1.3% and, the broader the index, the bigger the gains were. The questions is, how long can the bear market rally party last? Bond yields were up / bond prices down, and the dollar tumbled helping prices everywhere, although the price of oil did pull back.

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The bulls made a midday push to tack onto Friday's rally, but instead we saw come consolidation of those gains either because of some "profit taking", or just a the typical sell the rally mentality in a bear market. There are not many profits to be had out there but the S&P 500 had moved up about 5% from Thursday's low to Friday's high, so that a decent move. A modest 16-point decline in the S&P following a 93-point gain isn't very meaningful, but it does give us an idea how

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We had a rare sighting of a bull in this bear market on Friday. It is remains bull hunting season so we could see them go into hiding again unless the bears need to take a break to gather more ammunition and supplies for the next next attempt to catch a horned wall hanger. OK, I'm not a hunter so the terminology may not be correct, but you get the point. After Friday's big rally, the bulls may have some fun for a couple of days, but the bears may be back for another go round at pushing the indices

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