Stocks opened lower on Wednesday but the bulls were battling back most of the day and by the close the indices were mixed. The Dow led with a healthy triple digit gain while the Nasdaq and small caps lagged with moderate losses. The S&P was flat for most of the day after overcoming the opening gap down, flipping back and forth between positive and negative territory, but closed even and near the highs of the day.
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As I have mentioned earlier this week, I have to make this short today (Thursday) as I was traveling all day. My apologies.
The theme yesterday was a move up in yields and the dollar and that put some pressure on equities yesterday, particularly the interest rate sensitive small caps. Support continues to hold here...
... and the UUP dollar chart broke back above its old support that it had fallen through last week.
I'll just post the C and S-fund charts to illustrate the difference that we saw yesterday between the large and small caps. These charts were from before the close but this is about where they closed. There's an open gap below and some soft resistance above on the S&P...
... while the S-fund gapped lower after filling in the gap from May 9th earlier in the week, but so far that is the peak of the recent rally.
As usual, thanks so much for reading! We'll see you back here tomorrow with a full commentary.
Tom Crowley
Posted daily at www.tsptalk.com/comments.php
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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As I have mentioned earlier this week, I have to make this short today (Thursday) as I was traveling all day. My apologies.
The theme yesterday was a move up in yields and the dollar and that put some pressure on equities yesterday, particularly the interest rate sensitive small caps. Support continues to hold here...
... and the UUP dollar chart broke back above its old support that it had fallen through last week.
I'll just post the C and S-fund charts to illustrate the difference that we saw yesterday between the large and small caps. These charts were from before the close but this is about where they closed. There's an open gap below and some soft resistance above on the S&P...
... while the S-fund gapped lower after filling in the gap from May 9th earlier in the week, but so far that is the peak of the recent rally.
As usual, thanks so much for reading! We'll see you back here tomorrow with a full commentary.
Tom Crowley
Posted daily at www.tsptalk.com/comments.php
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.
