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Stocks open higher yesterday but for the first time in a while, we saw the indices weaken as the day wore on. Profit taking seems reasonable after the relentless rally. The Dow lost 22-points on the day.
For the TSP, the C-fund fell 0.57% yesterday, the S-fund lost 0.44%, the I-fund was up 0.70%, and the F-fund (bonds) was up 0.34%.
After yesterday’s Fed induced spike, we saw some good old-fashioned panic as things got under way this morning. Shorts scrambled for cover and underinvested threw in the proverbial towel, but it gave others a great opportunity to book some gains. The result was a quick reversal off highs, which in turn became a steady move lower that lasted until a last minute four-point bounce at the close. It wasn’t great action, but the simple fact is that the market was just too stretched to the upside to keep
TSP Talk Sentiment Survey results for the week of 1/30/12- 2/03/12
Buy: The TSP Talk Sentiment Survey came in at 47% bulls, 43% bears, for a bulls to bears ratio of 1.09 to 1. That is another fresh buy signal in a bull market which means the system will remain 100% S Fund for the week of 1/30/12 - 2/03/12.
Bull market rules are in affect the week of 1/09/12:
See latest survey results
To discuss or comment on the Sentiment Survey, go to Sentiment
We haven't seen many closes in the red this month, but we did get one today. Certainly not enough to do much technical damage, however.
We did get some market data today. Durable goods orders for December were up 2.1% less autos and up 3.0% including autos. Weekly initial jobless claims pretty much hit estimates at 377,000, while new home sales fell to an annualized rate of 307,000 in December. Also, leading indicators for December were
Stocks opened lower on Wednesday but rallied sharply after the Fed signaled that an additional quantitative easing is a possibility, and that rates should stay near 0% through 2014. The Dow gained 81-points on the day.
For the TSP, the C-fund gained 0.88% yesterday, the S-fund was up 1.19%, with the help of a decline in the dollar, the I-fund