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Stocks opened lower on Friday but battled back and in another light volume, post Labor Day trading day, closed with solid gains. The Dow added 103-points and that makes 7 of 8 days in September with a triple digit gain or loss, so volatility continues.
TSP Talk Sentiment Survey results for the week of 09/14/15 - 09/18/15
The TSP Talk Sentiment Survey came in at 42% bulls, 40% bears.
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Buyers showed up early this week and stocks gapped up at Tuesday's open and buying continued into the close. Last week's closing price was 1921.22 which I couldn't fit on the chart below. Stocks gapped up again on Wednesday but that did not hold and the downside momentum accelerated into the close. Thursday and Friday were up to keep the week in positive territory.
The markets are still in a state of oscillation and volatility will continue until a convincing force (such as the Fed
Stocks sputtered out of the gate on Thursday but found some footing during late morning trading and ended the day with solid gains. Right now there is a battle going on between the bears, who are looking for a retest of the August lows, and the bulls, who feel the lows are in and the path of least resistance is up.
I have to admit that I could probably flip a coin to give
Stocks opened sharply higher on Wednesday but by the close the Dow, which reversed 400-points, ended the day down 239-points. Japan's Nikkei had rallied nearly 8% the night before and that rolled into the U.S. and European markets on Wednesday morning, but things went sour as we saw.
As I write this Wednesday evening the Nikkei had not yet opened for trading, but I suspect the 1300+ point rally yesterday is going to get quite a haircut.