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Stocks closed off their highest levels of the day yesterday but it was basically the same old story as the melt-up continued. The Dow added 109-points and, other than a strong dollar holding back the I-fund yesterday, most of the US indices closed higher. Bonds and the F-fund were up as well as yields continue to slip off of the early July spike higher.

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Stocks are in melt-up mode at this point as the A-I hype seems to be blooming right before our eyes. As irrational as the stock market can be, there's nothing like a bubble that that can put things over the top - pardon the "top" pun, and look past valuations. The Dow gained 367-points with the top three weighted stocks in the average, UnitedHealth, Microsoft, and Goldman Sachs, all up between 3% and 4% on the day, helping it lead the way. Yields slipped sending bonds and the F-fund ...

Stocks began the new week with another rally after just a one-day pullback, so the dip buyers are still lurking very closely and jumping on any weakness. The Dow gained 76-points but it was the Nasdaq and small caps that led the way with solid gains near 1%. Bonds were up with yields slipping lower. We'll start seeing some earnings from potential market movers this week as Q2 earnings season kicks off.

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Stocks took a breather on Friday after a big 4-day rally to start the week. The Dow gained 114-points and it was one of the lone winners on the day, but 200 of those points were due to the rally in UNH, the heaviest weighted stock in the Dow, so without it, the Dow would have actually been down about 100-points which would have been more inline with the returns of the other major indices. Bonds were down sharply as yield moved higher, and the dollar was up ending a dramatic 7-day losing streak. ...

What Happened This Week?

It was a week to be in stocks, and possibly a week to get out of stocks. Inflation data excited investors this week and helped to raise all three TSP stock funds (C,S,I) to new 2023 highs on Thursday.

Something gave the S-fund a running start early in the week. The small-cap driven S-fund was up nearly 3% in the first two days of the week and before the Consumer Price Index was released. But it would not finish the week on top.
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