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TSP Talk Sentiment Survey results for the week of 6/22/15 - 06/26/15
The TSP Talk Sentiment Survey came in at 45 bulls, 34% bears.
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Stocks opened lower Monday and attempted to come out even on the day but pulled up short into the close and settled for a modest loss. The rally continued onto Tuesday and by the late hours of the trading day stocks were in green territory for the week. Wednesday opened slightly higher, however nervous anticipation of the imminent FOMC policy statement devoured the early gains but quickly turned around after the statement was issued and emotional swings led to modest gains on the day. Thursday opened
Stocks opened higher on Thursday, and just kept going. The Dow gained 180-points and 1% or higher gains were picked up by most major indices.
I didn't see any major catalyst except for possibly a Fed hangover. A weaker than expected CPI and a stronger than expected weekly jobless claims should not have done this, but that's about when the rally started. The Fed's job these days seems to be to keep the stock market from falling.
Stocks were up early on Wednesday but drifted lower as we approached the FOMC policy statement. After the statement the market had its usual violent ups and downs but settled with modest gains. The Dow ended the day up 31-points.
It was another Turnaround Tuesday yesterday on Wall Street as most of the indices regained Monday's losses, plus some. The Dow gained 113-points while the S&P and small caps added just over 0.5%. The bearish Dow Transportation Index was down again.