After 3 weeks of straight gains, stocks reaching overbought levels. For the week, the Dow rose 6.8 percent, the S&P 500 gained 6.2 percent and the Nasdaq added 6 percent. The Dow lost 148 points or 1.9% to close at 7,776, the S&P 500 fell 17 points or 2.0% to 816, and the Nasdaq Composite stumbled 42 points or 2.6% to 1,545.
The Nasdaq's relative strength is quite striking, in fact. The Nasdaq Composite Index is now in positive territory for the year, with a 0.6% gain since the end of 2008. The Dow, in contrast, is nearly 10% lower.
Coming weeks will really tell the direction of this nascent bull market. I still staying away from market for now.
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