It was a very slow Monday on Wall Street yesterday as volume dried up and the indices were basically flat. The Dow opened lower but finished with a 15-point gain after being in slightly negative territory most of the day.
I apologize but I am having some network connectivity issues tonight (Monday) so I am going to cut this report short while we that care of that. It's not a website issue, but my personal network that I work on to do the reports.
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The I-fund lagged losing 0.49% but the other TSP Funds funds were fairly flat.
China's GDP report came in slightly better than expected at +6.9%, and that initially got investors nervous overnight and into the open since the Fed is watching China closely, and the reports of their demise have apparently been greatly exaggerated - or their reports are faulty. Why would investors be selling on a strong GDP report out of China? Because a weak Chinese economy was one of the reasons to hold up on rate hikes. No weakness, one less reason to keep rates low.
The SPY (S&P 500 / C-fund) was up on very light volume yesterday as the bulls continue to hold the ball. The 200-day EMA was taken out last week and now our attention turns to the 200-day SMA (simple average.)
Chart provided courtesy of www.stockcharts.com, analysis by TSP Talk
The Dow Completion Index (small caps / S-Fund) was flat but has held up and is still trying to get above the important 50-day EMA.
Chart provided courtesy of www.stockcharts.com, analysis by TSP Talk
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Thanks for reading. We'll see you back here tomorrow.
Tom Crowley
Posted daily at www.tsptalk.com/comments.php
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