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Stocks opened sharply lower yesterday but made several attempts to push toward the break even mark before closing with just modest losses. The Dow gave up 36-points on the day.
Stocks opened sharply lower on Friday after the June jobs report was released. As you may have heard, the report came in about 20,000 jobs short of estimates, with the unemployment rate remaining at 8.2%. The Dow lost 124-points on the day.
Last Friday was the last trading day of June, and it was a big up day to end the quarter. The Total Tracker charts last week showed that our collective stock allocation was only a bit more than 43%. I wondered if the rally last Friday would entice more bulls to move into stocks, but according to this week's charts that was not the case. We've only gotten more bearish, and that goes for both the Total Tracker and the Top 50.
The weekly US Dollar (UUP US Dollar Index Bullish Fund), in the chart below, has been in a choppy uptrend since September of 2011 within an ascending triangle. Based on 5 ema moving averages, we see an apparent breakout in June, 2012. Ascending triangles are bullish continuation patterns. Negative divergences can be seen on the ROC and MACD momentum indicators. However, the MACD is still above the zero line, so the dollar can advance. Further the stochastic and RSI have turned up, and neither
Weak jobs report takes away weekly gains
It was a typical holiday week where stocks climbed almost effortlessly before the holiday, but reversed direction after the holiday.
Here are the TSP fund returns through the week of July 2 - July 6.
The difference with