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In my last post in my account talk thread, I said that the options smart money was pretty bearish and NAAIM got more bullish. That told me we were likely to see short-term weakness, but more than likely it would not last given NAAIM's bullish disposition (along with the technical indicators in general). We got the weakness Friday, but with the exception of small caps, the bears didn't get as much traction as they might have liked.
Updated Yesterday at 07:09 PM by coolhand
With the help of strong corporate earnings, a favorable outcome in the French election, and the lack of geopolitical drama, stocks rallied back to back days to wipe out the losses of April turning them in decent gains for the month. It seemed the rally was going to continue Wednesday but late selling into the close marked the end of the bull's parade and the gains were skimmed Thursday and Friday. In the end, all the TSP stock funds were up more than 1% for the week and all of the monthly returns
Stocks were up Thursday, but with mixed results. The Nasdaq led the way as technology stocks continue to do well. The Dow (+6-points) and S&P 500 were flat as we saw weakness in the oil and financial sectors, while small caps and the I-fund were also within 0.1% of even.
A late sell off spoiled what looked like a third big day for stocks, pushing some indices slightly into the red by the close. The Dow had been up about 450-points over the prior two days so bulls were probably OK with a 21-point dip on Wednesday. The action and what it did to the chart is not very bullish for the short-term, but that was to be expected after we saw the big rally creating many open gaps and double tops on the charts.
Work day is finished, and it is time for a quiet evening alongside the blue Mediterranean.
The waves are gently rolling along the shore, and I sit on the balcony of my sea side hotel, tasting a glass of dry red wine.
These are the days to remember. I'm working in Israel, and have an ocean view room. I've spent the first third of my trip reviewing engineering data and manufacturing procedures at a key jet engine parts maker.
But it is the evenings that