Stocks Close Dead Flat!

What a disappointment! Stocks closed almost unchanged for the day, with the Dow up only 3.91 points, essentially unchanged. Even a stout morning rally lost steam very quickly, with the Dow rising only a few dozen points before giving up its gains. A nice afternoon rally also lost steam and closed almost unchanged for the day. This isn't a good sign for stocks, but at least we didn't reverse and close down for the day. This created a doji candlestick, which is generally considered to be a wash and a continuation pattern for the existing trend. The long-term trend is certainly down, but yesterday's powerful rally suggests more upside in the immediate future. Today's doji is a symbol of that contradiction. A conflict in a market typically results in a consolidation pattern, and today's doji is one manifestation of that consolidation. Tomorrow, who knows what will happen?!