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Commentary Topic from greenfaucet

Climbing the Wall of Worry

The old cliché sure is correct: Stocks do climb a wall of worry. At yesterday's open, everything seemed to point to the downside. Overseas markets had been falling all night, futures were lower and the U.S. and China had just fired the opening salvos of what could become a "dangerous" trade war.

The S&P 500 opened lower as we all expected, but the selling quickly ran out of energy. Less than 10 minutes into the session, the index put in a base at a support level established last Thursday and then proceeded to close a new 11-month high.