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Fleck's Thoughts
IndexClose% Change
Dow Transports10001.21-0.51
Dow Utilities784.01-0.03
S&P 5002798.39-0.08
Nasdaq 1007316.96-0.12
Russel 20001515.770.65
VIX Index16.550.42
10 Year Gov't Yield2.41-1.2
Spot Gold1322.490.67
Spot Silver15.540.63
GDX-Gold Miners23.252.06
Crude Oil58.98-0.1
Dollar Index96.54-0.11
Euro Spot1.130.11
Japanese 10 Year-0.06-125.93
Shanghai SE3043.03-1.97
Long Bond 20-year149.030.34

No Indictment, But No Rally


The market opened weaker, with the Nasdaq losing about 0.5%, but then a dip-buying rally materialized that drove the indices back to slightly green in almost no time. From there, though, there was a battle that was won by the sellers, as the market started to slide again. With an hour to go, when I had to leave, the Nasdaq was about 0.3% lower. Please check the box scores to see if anything eventful occurred in the last hour.

Away from stocks, green paper was a little weaker, fixed income was higher, and the metals rallied 0.75% apiece, while most of the miners were higher as well.

Strictly Buy the Numbers There isn't a huge amount to say about today's action. I think it lends serious credence to the idea that Thursday was the exhaustion peak for the bear market rally, but I also think we need a little more trading data before feeling too strongly about that.