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Stocks opened slightly lower on Thursday, recovered by late morning, and then were thrown a curve ball from Google just after noon ET. The Dow ended the day down just 8-points but weakness in tech stocks gave the S&P, Nasdaq and small caps a little more trouble.
TSP Talk Sentiment Survey results for the week of 10/22/12- 10/26/12
Buy: The TSP Talk Sentiment Survey came in at 50% bulls, 40% bears, for a bulls to bears ratio of 1.25 to 1. That is a Buy signal which means the system will remain in a 100% S fund allocation for the week of 10/22/12 - 10/26/12.
Bull market rules have been in effect since the week of 1/09/12:
See latest survey results
To discuss or comment on the Sentiment Survey, go to Sentiment
The SP 500 on the daily chart has been trading in a box since early September, within a 3.5% range. One can also count five waves. Call it a reelection tussle, a holding pattern, indecision, a basing pattern for a move up or a topping pattern. It should be noted that support from the June low was regained yesterday, after trading below the line four sessions. Most metrics are moving back up. Will this be the breakout above 1475 this time, or another decline as soon as option expiration week
The Dow struggled most of the day yesterday but managed a 5-point gain by the end of the day. The broader market did better however, with the S&P 500, Nasdaq, Transports, and small caps seeing larger gains. The I-fund led the way with a 1.26% gain.
Stocks rallied sharply on Tuesday, following through on Monday's bounce off of the 50-day EMA of the S&P 500 and the Dow charts. The Dow gained 128-points on the day.