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Stocks continued to pull back from their post-jobs report early spike on Friday, and while the Dow (-110-points) and S&P 500 (-14) are still in uptrends, we are seeing some downtrends in some indices.
Stocks were mixed for a second day in a row after Friday's surprise jobs report. The Dow gained 35-points on Friday and lost 27 on Monday, but the S&P 500, Nasdaq, and small caps were each down on both days.
These TSP fund share prices are from Friday's close since we did not get updated share prices after Monday's federal holiday.
Per www.tsp.gov: Some financial markets will be closed on Monday, October 8th in observance of the Columbus Day holiday. The Thrift Savings Plan will also be closed. Transactions that would have been processed Monday night (October 8th) will be processed Tuesday night (October 9th), at Tuesday's closing share prices.
As mentioned last week, I'm phasing out the Weekly Wrap-Ups - going from a weekend commentary to just a real quick compilation of recent returns.
The stock market saw another positive week and it was capped off with an unexpected sharp drop in the unemployment rate. It now stands at 7.8%. Unfortunately, investors weren't very excited about the data and they sold off the initial rally and most of the major indices closed in negative territory, although the Dow hung
It's just the third weekly sell signal issued from our sentiment survey all year as bulls outnumbered bears 63% to 26% respectively going into the new trading week. You might think we were increasing our stock exposure last week given those numbers, but we didn't. Fact is, both groups dropped their stock exposure. Here's the charts:
This week, the Top 50 dropped their collective stock exposure by 7%,