TSP Talk Blog

Stocks took a swan dive after a mostly positive open, but found support at about noon, and the dip buyers took over from there. The indices were mostly negative by the close with the Dow down 122-points and much smaller percentage losses for the Nasdaq and S&P 500 (C-fund), but the small caps of the Russell 2000 were up nicely helping our S-fund to a slight gain, and the Transports gained back over 1% of their recent losses.

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Stocks were flat to slightly higher for most of the day on Wednesday, but after the FOMC meeting, things got a little crazy. We saw sharp spikes up and down in the usual jockey for position from traders after the policy statement was released, but in the last 20-30 minutes of trading things fell apart. Apple's gain help keep the Dow (-0.61%) and Nasdaq (-0.57%) from bigger losses, but the S&P 500 (-0.75%), Transports (-1.71%), and small caps (-0.92%) were all hit fairly hard.

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Stocks took a big hit to start the day on Wednesday, but as has been the case over the last several months, the bulls never seem to let a dip go to waste. The Dow battled back from being down about 130-points, to close up 39-points. Same for the S&P 500, and even though the Nasdaq and small caps lagged and closed with losses, they both rebounded off of their worst levels to create a positive reversal day on the charts.

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