Wed 2/1/12 4:10 PM – Stocks Go Back Up, Then Retreat

US stocks were up about 3/4% today, always a nice day. Small stocks did best. Europe also did well. Gold was up, as were bonds. Oil lost 1%.

Stocks had been higher but the advance was mainly in the morning and stocks dropped toward the end of the day to give back about 40% of their gains.

For the last 9 days the market has been unable move higher or drop much. That can be a good way to work off an overbought condition or it can send stocks lower. We’ll have to see but the trend since October has been up, especially since around Christmas.