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Stocks fell sharply yesterday after a bout of weak economic data and more trouble across the pond. The Dow lost 251-points on the day, wiping out all of the week's gains, and that was before the news of Moody's cutting the credit ratings of 15 major banks was released.
TSP Talk Sentiment Survey results for the week of 6/25/12- 6/29/12
Buy: The TSP Talk Sentiment Survey came in at 29% bulls, 59% bears, for a bulls to bears ratio of 0.49 to 1. That is a buy signal which means the system will remain 100% S fund for the week of 6/25/12 - 6/29/12.
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 Survey
Stocks were flat to modestly lower most of the morning yesterday before the Fed's policy statement when we got the usual post-Fed fireworks. After all was said and done, the indices were basically flat with the Dow losing 13-points.
The rally has been explosive, gaining 96 on SPX in the last 12 sessions. Is the rally underway? Certainly the market is gaining strength, but can it continue? There has been a 155 decline from 1422 to 1267, taking 43 trading days, and the rally unfolding in 11 trading days (or 12 if you double count the low day on June 4th). If this is a move against the prevailing bull trend from 1422, then we have an almost perfect 0.618 retracement as wave B, as shown on the chart. If the idea holds that
Stocks rallied again on Tuesday with the Dow posting another near 100-point gain. The S&P has now been up 4 days in a row so the pressure of being overbought may start to kick in.