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Despite most indices closing on Tuesday within 0.25% of Monday's close, we did see a little more volatility with some Fed statements shaking things up a bit during the trading hours. The Dow ended the day down 32-points.
It was a rather dull holiday trading day yesterday with low volume and no bond trading. The Dow gained 21-points, but this is coming off Friday's big 168-point jobs report triggered rally, which reversed Thursday's losses.
The following TSP returns are for Friday's action as the TSP was closed on Monday in observance of Veteran's Day.
Market character continues to be one of resilience. The weak seasonal cycle wasn't weak. And selling pressure has only seen the indexes fall just enough to trigger intermediate term sell signals and increase bearishness. Then it's been off to new highs. So far, we seem to be repeating that same scenario. Except this time, the S&P is showing much more resilience than the Wilshire. That implies that defensive plays are somewhat favored for the moment. And sentiment is remaining more bullish across
We saw a breakdown in the stock market on Thursday that seemed to be a topping turning point. That is until we got the October jobs report on Friday morning and investors did an about face and bought on this news. The stock indexes improved their technical picture but they are not out of the woods yet after this emotional rally, while the bond market may have turned a bearish corner.
Jobs Report: +204,000 / unemployment rate 7.3%.
Estimates were looking for +100,000 / 7.3%
More Info: http://www.cbsnews.com/8301-505123_1...bs-in-october/