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Down 50-points out of the gate on Friday, the Dow rallied into positive territory by the close, and the broader indices performed even better with the small caps gaining nearly 1% on the day.
Last week, our sentiment survey was on the bearish side with 50% bears. That's a reading that typically sees the market rally the following week. And it did. The wildcard at the time was how politics was going to affect the market as the debt ceiling deadline expired. The market was buying the rumor of a deal early on and once that deal was made the market just kept climbing. We didn't get a "sell the news" reaction. At least not yet.
Now we have sentiment getting bulled up in more
It was a big week for the stock funds as investors were positioning themselves in front of the debt deal announcement, which we knew would eventually come. The surprise was not that we had a "buy the rumor" reaction before the deal was made, but that the buying continued after the deal was made when it seemed we were set up for a "sell the news" reaction. Stocks closed the week with many indices making new all-time highs. Bonds also rallied on
Stocks opened the day down as we saw some early "sell the news" reaction, but buyers were right there to pick up the discarded shares, and the indices moved from the bottom left on the chart, to the top right. The Dow lost 2-points but had been over 140-points in early trading after some big name Dow stocks reported disappointing earnings.
TSP Talk Sentiment Survey results for the week of 10/21/13- 10/25/13
The TSP Talk Sentiment Survey came in at 58% bulls, 30% bears.
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The legal stuff: This information is for educational purposes only! This is not advice or a recommendation. We do not give investment advice. Do not act on this data. Do not buy, sell or trade the funds mentioned herein based on this information.