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Stocks were down modestly yesterday but closed well off the morning lows. The Dow lost 21-points but an early triple digit loss was all but erased after the Fed indicated that employment will have to get much better before they turn off the spigots.

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Stocks were up across the board yesterday as the Dow gained 24-points and the broader indices performed even better. Bonds also rallied as the dollar dipped.
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After a two-day pullback, stocks resumed their winning ways although the results were mixed. We saw a strong close but small caps did end in a negative territory, and once again a rally in the dollar hurt the I-fund. Bonds fell sharply. The Dow gained 70-points.


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Sorry folks. It was just brought to my attention that this didn't successfully upload on Saturday - or it somehow got deleted. Better late than never, I hope....

The TSP stock funds were mixed last week as the C-fund was the only one that managed a gain. Bonds were down, the small caps lost ground, and because the dollar was up last week, the I-fund was the worst performing fund.



Here are ...

Last week, our sentiment survey was a bit bearish with a 58% bull reading. And I noted that the AAII survey was very bullish with 49.2% bulls and just 17.6% bears. Sentiment is usually used as a contrarian indicator, but the AAII survey had not been a fade for some time. That may change down the road, but I took the view that this was supportive for the market unless proven otherwise. And with liquidity very elevated, I had to look higher. The caveat was that liquidity had to remain elevated. It ...