The averages have closed all over the place. The DOW closed flat and in the red while the small caps closed fractionally higher in the green. Volume was low for most of the afternoon with some moderate trading at the close.
By 4 pm the averages looked weak and uninspiring as we suspected would be the case as we move towards the holiday on Thursday.
Premarkets were up +0.2% after the US GDP came in at 3.9% and the SP500 gaped up at the opening to set another new historic high while the DOW remained 40 points below its high mark. Opening volume was also a dichotomy with very high red volume holding back the BTFDers.
By 10 am the averages had fallen off the opening highs leaving the large caps flat and in the red and the small caps were following closely on moderate volume. Heavy red red volume spikes are signaling some investors to exit for now.
Markets remained in the green and the DOW sea-sawed back and forth across the unchanged line remaining mostly flat. The small caps melted higher while the SP500 traded sideways in a narrow four point range all day on sometimes anemic volume.
By 4 pm the SP500 and DOW closed on new closing highs and the $RUT closed up over 1.1%. Relatively speaking, it has been a quiet day on Wall Street and expect it will become slower by the close of Wednesday.
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