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TSPTalk Sentiment Survey results for the week of 09/19/11- 09/23/11
Hold: The TSP Talk Sentiment Survey came in at 42% bulls, 43% bears, for a bulls to bears ratio of 0.98 to 1. That is still (just barely) a neutral reading which means the system will remain 100% in the C-fund for the week of 09/19/11 - 09/23/11.
Bear market rules are in affect 8/22/11:
See latest survey results
To discuss or comment on the Sentiment Survey, go to Sentiment Survey
When it turns, it turns hard and it turns fast. So fast that's it very difficult to get in front of. Momentum is powerful thing and we saw more evidence of that today as the broader market tacked on significant gains for the fourth day in a row.
The negative news out Europe has now largely been neutralized (at least for the moment) with news that the European Central Bank has coordinated with the Fed and other central banks to extend dollar
Stocks continue to ride the volatility rollercoaster and it seems to be picking up steam. The Dow quickly sank over 100-points in early trading as the on-again, off-again support for a Greece bailout hit the headlines.
The on-again won the battle and it looks like Greece will stay in the Euro-zone, despite default remaining a good possibility. The Dow rallied nearly 400-points from bottom to top yesterday, before a late sell-off
The morning session started out a bit volatile and the broader market did see some selling pressure in the first hour of trade, but after selling off almost 1% the market turned around and chopped its way higher for most of the rest of the day. A late afternoon pick-up in buying pressure put the S&P 500 up almost 2.5% at its high of the day, but the closing minutes of trading saw some hard selling pressure after that major average touched resistance.
Despite one of the tighter trading ranges we have seen in a while, it was still another wild ride on Wall Street as far as the indices resolving whether they wanted to be up or down on the day. The bulls won the battle and the Dow closed up 44-points.