tsptalk
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New month, new direction. All the fears of rising yields seemed to go by the wayside once we got into March, and the same pattern that ended January and started February manifests again to end February and start March. The Dow gained 603-points and it looked like just about every sector took advantage of the rally. Small caps (S-fund) and the Nasdaq continue to walk hand in hand, as both gained 3% on the day. Bonds also rallied.

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Friday's action was fitting for the end of the wild month that was February. The Dow lost 470-points on the day, but 300-points of that came in the final 5 to 10 minutes of trading, and the S&P 500, which was up a solid 23-points with less than 5-minutes to go in the trading day on Friday, plummeted 41 points in those final minutes to close down 0.48%. It was the final trading day in February, which could have had an impact, but it seemed to have more to do with investors being nervous about

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We went into Thursday with a very nice bullish set up, but the market had other ideas. Instead of being off to new highs, the indices decided to test the Tuesday lows. So far they have successfully held, but it can get dicey near the 50-day EMAs, as you'll see in the charts. The Dow lost 560-points, while the Nasdaq and small caps were beaten down even worse. Bond yields keep rising, and rising quickly, which stirs things up.

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Turnaround Tuesday's reversal saw a big follow through to the upside on Wednesday, as the chartists would hope, but the day didn't start out positive. The negative open started to get bought within about 30 minutes into the trading day, and from there the bullish snowball grew. The Dow ended the day with a 435-point gain, and the major indices all picked up 1% or more on the day.

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The pullback in stocks continued on Tuesday, but a Turnaround Tuesday it was. After the opening bell was met with severe selling, we saw some buyers step up fairly quickly, and from there we got a steady move higher until about 10 minutes before the close when we did see some selling before the bell rang. The Dow and S&P 500 ended the day slightly higher - a huge reversal, while the Nasdaq and small caps continue to go their own way, and yesterday that was down.

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