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Stocks sold of yesterday as the Dow lost 161-points on - you guessed it - concerns out of Europe. This time it was the Spanish banks. This sell-off tosses the technical picture back into a more negative outlook.
Despite some questionable economic data, stocks rallied yesterday showing us that Greece is still center stage for the market as there was some optimism out of Europe.
The bullish US Dollar Index shows no signs of slowing. The weekly chart below indicates a cup & handle pattern that has been forming since the start of 2011. For many weeks there was a descent to form the left side of the cup. The bottom was put in place between May-September of 2011. The right side of the cup is choppy, and the top of the handle, at 81.78, was put in place the first week of January, 2012. A pull-back ensued forming the handle. We have seen a quick rise in the last three weeks
Stocks slipped on Friday on very light, pre-holiday volume. The Dow lost 75-points on the day but it was the first positive week for stock in May.
The Federal Retirement Thrift Investment Board (FRTIB) announced Friday that a computer belonging to Serco Inc, suffered a sophisticated cyber attack that resulted in the unauthorized access of personal information of approximately 123,000 TSP participants or other recipients of TSP payments.
Serco is a third party service provider, and the FBI informed the FRTIB and Serco of the incident in April 2012.
More information on the TSP participant data breach