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Monday started out with a jobs report hangover from Friday, but problems in Greece and signs of a global economic slowdown hit stocks hard, and also pushed bond yields down to a one year low of 1.74%. There was some buying in the last hour of trading and, once down 401-points, the Dow came back to close down "just" 178-points.
TSP Talk Sentiment Survey results for the week of 02/08/16 - 02/12/16
The TSP Talk Sentiment Survey came in at 36% bulls, 47% bears.
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Stocks dropped sharply on Friday after a mixed jobs report saw investors fleeing first, and asking questions later. The 151,000 jobs added was about 40,000 less than expected, but the unemployment rate dipped under 5% to 4.9%. Hidden in the report was a tick up in wages, something the country has sorely missed, but whether that is good for the stock market is debatable.
It is getting to be a familiar place, that precipice. How many times will the S&P 500 walk up to it and turn back?
The weekly chart of the S&P 500 shows that the 1880 area seems to be some key support. It's been tested 6 times since last summer and has turned back up each time. Momentum is negative, but it's trying to turn back up. RSI is stair-stepping lower. Volume has been high since the beginning of the year.
The upward momentum from late January didn't carry into February. Stocks were down this week and Friday's action thwarted the bull's effort to keep the week to just modest losses. The dollar took a hit this Wednesday but traders were able to reverse its effect before heading into the close. However investors sold Friday with the release of the jobs report which saw 151,000 jobs added in January and a 4.9% unemployment rate.
Bonds (F-fund) saw a slight gain this week while the TSP