Stocks were mixed yesterday with the Dow losing 68-points, the S&P 500 basically flat, and the Nasdaq and small caps saw modest gains. The I-fund rallied despite more strength in the dollar, and bonds had a bad day.
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The S&P 500 (SPY) bounced around some but ended the day flat. The recent low has held since the reversal and I would guess that tomorrow's jobs report will trigger either a break of that low, or a move to new highs as it has been flat leading up to the report so investors may just be on hold until they have new information to trade on.
Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk
The Nasdaq continues to look good as its latest "V" bottom is still in play and new highs are just a stone's throw away.
Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk
Small caps spent a second day trading inside the high and low of Mondays outside day. Again, it looks like investors are in wait and see mode.
Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk
The dollar continues to rally since the Fed's tapering announcement, despite the fact that they are still printing $75 billion a month - instead of $85 billion. That large open gap is looming near 21.55 on the UUP chart, and gaps really want to get filled. But the dollar has a tendency to do the opposite of what I think.
Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk
Bonds had a bad day yesterday as the 7 to 10 year Bond Fund was up against some resistance and gapped down.
Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk
As I have been saying for a while now, these bond charts look awful, but bond market sentiment is extremely bearish which, like the stock market sentiment, should be a contrarian indication at some point as we'll run out of people who don't want to own bonds. You can see that the reading has been pinned near 0.05 for about a month now.
Chart provided courtesy of www.sentimentrader.com, analysis by TSP Talk
Friday we get the December jobs report. Consensus estimates are looking for approximately 197,000 new jobs being created, and an unemployment rate of 7.0%. What do you think? We have our monthly jobs report contest going on in the Forum.
Read more in today's TSP Talk Plus Report. We post more charts and indicators, plus discuss the Sentiment Survey and its System. For more information on how to gain access and a list of the benefits of being a subscriber, please go to: www.tsptalk.com/plus.php
Thanks for reading! We'll see you back here tomorrow.
Tom Crowley
Posted daily at TSP Talk Market Commentary
The legal stuff: This information is for educational purposes only! This is not advice or a recommendation. We do not give investment advice. Do not act on this data. Do not buy, sell or trade the funds mentioned herein based on this information. We may trade these funds differently than discussed above. We use additional methods and strategies to determine fund positions.
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The S&P 500 (SPY) bounced around some but ended the day flat. The recent low has held since the reversal and I would guess that tomorrow's jobs report will trigger either a break of that low, or a move to new highs as it has been flat leading up to the report so investors may just be on hold until they have new information to trade on.
Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk
The Nasdaq continues to look good as its latest "V" bottom is still in play and new highs are just a stone's throw away.
Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk
Small caps spent a second day trading inside the high and low of Mondays outside day. Again, it looks like investors are in wait and see mode.
Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk
The dollar continues to rally since the Fed's tapering announcement, despite the fact that they are still printing $75 billion a month - instead of $85 billion. That large open gap is looming near 21.55 on the UUP chart, and gaps really want to get filled. But the dollar has a tendency to do the opposite of what I think.
Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk
Bonds had a bad day yesterday as the 7 to 10 year Bond Fund was up against some resistance and gapped down.
Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk
As I have been saying for a while now, these bond charts look awful, but bond market sentiment is extremely bearish which, like the stock market sentiment, should be a contrarian indication at some point as we'll run out of people who don't want to own bonds. You can see that the reading has been pinned near 0.05 for about a month now.
Chart provided courtesy of www.sentimentrader.com, analysis by TSP Talk
Friday we get the December jobs report. Consensus estimates are looking for approximately 197,000 new jobs being created, and an unemployment rate of 7.0%. What do you think? We have our monthly jobs report contest going on in the Forum.
Read more in today's TSP Talk Plus Report. We post more charts and indicators, plus discuss the Sentiment Survey and its System. For more information on how to gain access and a list of the benefits of being a subscriber, please go to: www.tsptalk.com/plus.php
Thanks for reading! We'll see you back here tomorrow.
Tom Crowley
Posted daily at TSP Talk Market Commentary
The legal stuff: This information is for educational purposes only! This is not advice or a recommendation. We do not give investment advice. Do not act on this data. Do not buy, sell or trade the funds mentioned herein based on this information. We may trade these funds differently than discussed above. We use additional methods and strategies to determine fund positions.
