Today's Comments (Short Term Outlook)                             Printer friendly

Jobs report today Stocks rallied strongly yesterday, gaining back the post-Fed sell off from Wednesday.  Today's jobs report should be interesting as an overbought market will meet the next wave of economic data.  There are gains to be protected, but investors who are under invested are worrying about missing out.  I have been talking about overhead resistance for some time, and the S&P 500 is there - right here, right now.  I'm not sure how much longer this rally can last, but it has been impressive.                        Charts provided courtesy of www.decisionpoint.com - with analysis by TSP Talk This has been quite a week for the market, and for me.  To top it off, my PC froze on me when I booted up last night and I was forced to make my evening updates on my clumsy laptop.  I hate the keyboards on these things.  I have to work on getting back in business so I am going to leave you today with some help from RevShark's and his "Around the Reef" general market wrap-up from yesterday. In a classic reversal of a reversal, the rotation that we’ve been talking about for quite a while now came back today with a vengeance, and those who were too quick to short those areas that began to pull back following yesterday’s Fed announcement found themselves having to scramble for cover. Not only were many of the familiar big-cap tech names up big today, but there was plenty of strength in consumer discretionary. The XLY was up almost 6% and only 5 of the 85 stocks that make up the XLY finished in the red. Meanwhile, financials were also strong, with the XLF gaining 3.5%. Of course, with the indices at fresh intermediate highs and their respective 200 day moving averages hovering nearby, the big question is if this action can continue. The averages are getting a bit technically extended here, and the jobs report, which is on tap for tomorrow morning, could very well be used as an excuse to do a little selling. RevShark   That's all for today.  I have a lot of catching up to do this weekend - share prices, email, research, etc.  Hopefully we'll be back to business as usual tomorrow.  I have said that a lot lately, haven't I?  There's a lot going on these days.  Thanks for reading, and have a great weekend!   Have questions?  Visit our message board for answers.  Would you like to be on our email alert list?  We will send you an email when there is a change to our asset allocation or market outlook.  Your email address will never be given out.  Read our privacy policy.  By signing up you agree to the TSP Talk Terms of Service.  More details below **. Are you bullish or bearish?  Join the Weekly Sentiment Survey. Like what you're reading?  Tell a Friend about us. ------------------------------------------------------------------------------------------------------------------- ** By joining our email alert list you will receive an email each time we initiate a transfer or change our market outlook.  You may also receive an email each Monday morning reminding you that our comments are updated daily.  We will always send out these emails prior to making the transfer myself but we can not guarantee you will receive it in time to make a transferide to follow our transfers in your own account, you do so at your own risk.  There is always a possibility for a loss in your account.  These transfers could come very often and you may have to act quickly to make the deadline.  Please consider your investment strategy before taking any advice or making any transactions.  By reading the contents of TSP Talk.com and accepting the email alerts, you must agree to the Terms of Service.  Thank you. TSP Talk