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Stocks rallied on Tuesday as the Dow gained 106-points on the day. Was it a turnaround Tuesday giving the market yet another "V" bottom after a shallow pullback? It worked in 2013 and the trend followers will certainly be all over this. The I-fund lagged and bonds continue to bounce.
Stocks struggled again on Monday as the Dow shed 45-points while the S&P 500 and Nasdaq have yet to have a positive close in 2014. Small caps lagged and investors turned to bonds.
Stocks recovered a bit on Friday from Thursday's sell-off as the Dow picked up 28-points, which was somewhere between the high and low of the day. The S&P 500 and bonds finished slightly in the red, while small caps and the I-fund picked up modest gains.
Happy New Year to everyone! I wish good health and prosperity to all this New Year.
And now that 2014 has begun, has anything changed in the market? We did see some selling pressure the first trading day last Thursday and it was enough to cause a weekly loss across the TSP stock funds (C, S, and I). It certainly wasn't enough to get excited about and I suspect it was largely profit taking from those traders and investors who wanted to see how the New Year started out before taking
Last week was a tale of two halves, as the end of 2013 saw typical holiday bullish action, while 2014 started with a thud. Whether it was profit taking and delaying the taxman by a year, or something more, remains to be seen. But as we talked about in our daily commentary this past week, the first few days in January can be an excellent barometer for the entire year, particularly when it is negative.