The pullback continued - The S&P 500 had to hang onto some modest games on Friday just to avoid a 7th consecutive week of losses, but some of the other major indices weren't as fortunate... Current Daily Market Commentary Market Commentary for 6/20/11
It was a frustrating week for those invested in stocks. We had high days, we had low days, we even had those boring do-nothing days. It was a little bit of everything throughout the week, with a final outcome of next to nothing. Still, there was good news among the despondent feelings we had for these markets, the Transports finished the week in the green as did the large caps and mid caps. As a whole, all the indexes finished flat, and after six weeks of solid declines, I'll take a flat week and
Updated 06-19-2011 at 02:09 PM by JTH
Last week, the herd increased its equity (C, S, and I) holdings by more than 11.5% to begin trade last Monday. That was a healthy shift, but prices ended relatively flat for the week so unless one managed to pull out on Tuesday by the close (that was the one big rally day), there wasn't much to be gained. By contrast, the Top 50 only increased their stock position by 2.46%, so they weren't looking to hit any home runs last week.
This week neither group made any particularly big moves.
Testing Bull Market Support
The S&P 500 had to hang onto some modest games on Friday just to avoid a 7th consecutive week of losses.
For the TSP, the C-fund was up 0.10% for the week. The S-fund lost 0.17%, and the I-fund was down 0.94% as the dollar rebounded on the weak economic news coming out of Europe. Bonds (F-fund) were flat, and the G-fund was up 0.05%.
For the month, the
CNBC was intently watching the major averages in the final hour of trade, and provided listeners with a play by play accounting of whether it looked like stocks would end the week in the green or make it seven straight weekly losses. In the end, stocks barely pulled up enough at the close to log their first weekly advance in seven weeks.
It appears a positive tone began in Europe, as Greece released an announcement that a new finance minister had been appointed. This coincided with