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Stocks rallied again on Tuesday as the Dow gained 72-points in the shortened pre-holiday trading.
The bond market was doing funny things yesterday, at least at the short end of the yield curve. The hourly chart of the 3-7 year T-Bond (IEI) below shows a gap up on huge volume, and then selling the rest of the day. SPX price did take a 10 point dip at the time, but recovered. Who was selling on strength? The 1-3 year T-Bond had money outflows of -512.65 in millions (SHY), the 3-7 year T-Bond had outflows of -362.60 in millions (IEI), and 7-10 year -342.89 in millions (UST). Was the government
After a 2.5% to 3 % gain in the major indices on Friday, you'd expect some digestion and that's what we got, and a little more. The Dow saw a small 8-point loss but the TSP fund indices all did quite well.
Stocks rallied sharply on Friday as we had yet another wave of optimism out of Europe - if you can believe that. The Dow gained a hefty 278-points to end the 2nd quarter, and now the market heads into some positive holiday seasonality.
Stocks broke out to the upside in a big way last week. Pundits pointed out that the move was a result of Eurozone officials allowing Spain's banks to be directly recapitalized with bailout funds. This will occur once Europe sets up a single banking supervisor. Spain is also not required to take on more sovereign debt, which was viewed as a positive.
An infusion of 120 billion euros to increase the European Investment Bank’s lending capacity didn't hurt the bullish case either.