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I often mention open gaps in my commentary and once in a while I get a question about them.
While screening some stocks this morning I found a couple of good examples of gaps on the chart of Sears Holdings (SHLD).
Like a magnet, open gaps are serious potential targets to be filled. And once they do get filled, that can be an area of strong resistance like we saw here in late October (or support depending on the direction of the open gap.)
Stocks opened higher yesterday and they broke their recent trend of moving against the initial morning direction. The indices managed to hold onto those gains, and close near the highs. The Dow finished the day up 97-points.
For the TSP, the C-fund was up 1.13% yesterday, the S-fund gained 1.62%, the I-fund added 1.25%, and the
I may have a sizable cash position in my TSP account while this market is rising, but at least I'm not silly enough to short a rising market. But that's largely what drove today's outsized gains today as the bears got squeezed into the close.
There wasn't all that much bullish news either, unless one thinks the International Monetary Fund increasing its lending capacity between $600 Billion and $1 trillion is somehow bullish. Or maybe news
Stocks continued their recent trend of fading the open. After a strong pop higher at the open yesterday, stocks drifted lower for the rest of the day, holding onto just modest gains. The early 150-point gain in the Dow turned into 60-points by the close.
For the TSP, the C-fund was up 0.35% yesterday, the S-fund gained 0.23%, the I-fund jumped 1.56%,
The first trading day after the S&P debt downgrades of several EU countries started off with substantial gains, but those gains largely faded by mid-afternoon leaving the major averages to close with only modest gains.
The only data point released today was the Empire Manufacturing Survey for January, which posted a better than expected 13.5.
Of note today, the S&P 500 managed to climb above the 1300 line for the first time since last July. Obviously, it didn't hold