Stocks were up for the week but with turbulent action as mixed emotions stir up after remarks by Fed member Janet Yellen of a probable increase in interest rates in December. The buyers poured in Monday and Tuesday coming off the previous Friday’s close of 2079 which is not shown on the chart below. Yellen’s remarks came Wednesday leaving a lot of anticipation for the October jobs report, and in turn created some interesting intraday trading for the rest of the week skimming off some of Tuesday’s gains each day.
The October Jobs report came out Friday with an addition of 271,000 jobs and an unemployment rate of 5.0%. These numbers were better than expected increasing the likelihood of the December rate hike and again action was volatile.
The S-fund lead this week up more than 2% followed by a 1% gain in the C-fund. Both the I and F-fund were down around 0.8%.
Here are the weekly, monthly, and annual TSP fund returns for the week ending November 6th:
The SPY (S&P 500 / C-fund) broke through some rising resistance Monday but the July high was there as potential overhead resistance. However the market did not get a chance to test the July high because Yellen’s remarks about interest rates worried investors and SPY fell back below the rising resistance. Despite the turnaround in momentum the C-fund was up 1.03% for the week.
The Dow Completion Index (S-fund) had a big day on Monday but was held up by its 200-day EMA but didn’t retreat much from there so most of the gains were conserved. The S-fund lead the TSP funds this week up 2.07% for the week.
EFA (EAFE Index / I-fund) got crossed up this week with declining resistance from the August high and was down consecutively the last three days. The I-fund lagged this week down 0.86%
AGG (Bonds / F-fund) has continued to drop after falling out of its long-term trading channel the week before. There is an open gap still within the trading channel as well as one opened up Friday after AGG opened below its 200-day EMA. The F-fund was down 0.8% for the week.
Good luck and thanks for reading. We will be back here next week with another TSP Wrap Up. You can read our daily market commentary at the Market Comments page. If you need more help deciding what to do with your account, perhaps one of our Premium Services can help.
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