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The bulls came out swinging on Monday morning, pushing stocks up in early trading, but the bears showed that they are still around and started to sell that opening rally and eventually pushed the indices near their lows of the day at the close. Small caps and the I-fund eked out modest gains, but those small caps gave up most of their early gain of over 1%. Bonds were up as longer-term yields moved lower.

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The stock market took a much needed rest last week - a week with some historical bearishness, but now comes the end of June and into July where seasonality is no longer an issue. The Dow fell 219-points on Friday and the losses were broad across most indices and sectors. With the dollar rallying on Friday, and regional bank stocks falling sharply, the I-fund and S-funds lagged on the day, and for the week. Yields were down giving the F-fund a solid gain on the day.

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The bulls took their summer vacations and their profits this week. Price momentum shifted sharply after both the C and I-fund reached new 2023 highs in the previous week. This week all three TSP stock funds were down, the I-fund's 3.26% loss was the worst of them all. The C and I-fund each saw a single day of gains amongst a sea of red, and those gains were not impressive. The S-fund was down all four days.

The argument for the pull-back is clear as day in retrospect. ...

Stocks were mixed yesterday with large tech stocks leading on the upside, while those region banks pulled down the small cap indices. The gains in the S&P 500 gave the C-fund to a gain, but the S-fund took a hit from those bank stocks, and the I-fund lagged with the dollar bouncing back yesterday. Bonds were down as yields spiked after a 0.50% rate hike announcement out of the Bank of England.

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Stocks opened lower on Wednesday but we saw dip buyers move in quickly and take the indices well off their lows, and into positive territory in some cases. But the selling resumed in the final hour of trading and the indies closed near their lows of the day. This is particularly important to the S&P 500 which is now sitting on key support levels. The Nasdaq lagged as the Fed's comments on continuing to raise rates hit the growth sector hard. Bonds shook off some early selling to close positive ...