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Stocks were mixed this week as more earnings reports came in along with the FOMC meeting. Poor earnings reports kept U.S. stocks down keeping large caps flat and dropping small caps in value. There was also trouble in the dollar which helped foreign markets which gave the I-fund a positive gain for the week to lead the TSP funds. The FOMC had little affect on the market as expected other than some volatility intraday Wednesday.

More earnings reports come in next week which will be ...

Last week, I said I was neutral as the indicators were beginning to hint at toppy behavior. I thought we might be in for some sideways movement with some degree of volatility. The week ended up mixed, so my expectation was reasonably on target. I said that while we were due a deeper correction, pin-pointing when that happens and from what level is difficult to ascertain. The main obstacles for the bears to my eye were, and still are, bullish readings on NAAIM, breadth and liquidity.

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