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Stocks fell off the table yesterday as the nice little low volatility 2012 rally has quickly turned into a little bit of a panic here. The Dow lost 214-points on the day and the charts of the major indices ended the day mixed technically.
For the TSP, the C-fund dropped 1.70% yesterday, the S-fund lost 2.37%, the I-fund fell 2.34%, and the F-fund
On Friday morning, the Dow futures dropped 120-points shortly after the jobs report was announced. Yesterday the Dow lost 131-points. This tells me that the initial sell-off did not scare too many folks out expecting things to get much worse, nor did it bring in many buyers. As a matter of fact, volume was the lightest of the year so I think investors watched it like a deer in headlights, not sure exactly what to do.
After a mixed day on Thursday, the stock market was closed on Friday, which may have been a good thing since the jobs report came up short with almost 100,000 fewer jobs being created in March than expected.
For the TSP, the C-fund was down 0.03% on Thursday, the S-fund lost 0.22%, the I-fund dropped 0.19%, and the F-fund (bonds) was up
Last week the charts showed that the herd (total tracker) had increased their total stock allocation by a collective 11.35%. I said I thought that would be bearish in the short term and it was as the S and C funds dropped -1.06% and -0.67 respectively, while the I fund fell almost -2.8%.
Looking at the charts for the new week, it looks like we bought the dip. At least the Top 50 did. Here's the charts: