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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
Stocks pulled back sharply early Friday morning after multiple downgrades of European credit ratings. As has been the trend, we saw buyers step in as the day went on, although the indices still closed with modest losses.
For the TSP, the C-fund was down 0.49% on Friday, the S-fund lost 0.65%, the I-fund fell 0.55%, and the F-fund (bonds) gained 0.28%.
Last week the herd had reined in its stock exposure to the tune of a 39.09%. Rarely does our collective stock exposure fall below 40%. In fact, the last time we were down that low was the week of 20 September 2010 when it was 39.31%.
By comparison, the Top 50 had a total stock allocation of 58.4% last week.
The new week starts out with both groups increasing their stock exposure over last week's levels.
Here's the charts:
If the market is going to run higher in the days or weeks ahead, it really needed to take a break first. And Friday's action gave us that.
Debt downgrades overseas prompted the negative tone, but the broader market was able to close well off its lows of the day in any event. Of course the downgrades didn't actually come until after the closing bell, but the rumors were swirling.
Here at home, the U.S. trade deficit grew to
Per the TSP.gov website:
Some financial markets will be closed on Monday, January 16th in observance of the Martin Luther King, Jr. holiday. The Thrift Savings Plan will also be closed. Transactions that would have been processed Monday night (January 16th) will be processed Tuesday night (January 17th), at Tuesday's closing share prices.