On Thursday we found out the economy added 1.763 million jobs in July, and the June and May jobs reports were revised sharply higher. On Friday, we saw the third straight month of improvements in the unemployment rate, with July’s number coming in at 10.2%. Hopefully next month we’ll see single digits, and hopefully next week we’ll see some progress in stimulus talks. And to top it off, we just had six straight days of increases in the S&P 500. On Wednesday and Thursday the S&P 500 had consecutive daily gains of 0.64 percent, which is unusual, and then on Friday the S&P 500 closed at 3351. This was also the longest streak of consecutive bullish days in 2020. However, there was a longer streak of seven days this year, but in the bearish direction. After the S&P 500 hit its last record high of 3386 on 19 February, the next seven straight days were down. Now wouldn’t it be nice to see the S&P 500 break that seven day streak next Tuesday. And wouldn’t it be nicer to see the S&P 500 close at a new record high while breaking that streak. In last week’s write up, I stated that “From our present level, that’s only 3.5 percent away which is within reach.” This week we’re right about 1 percent away. For TSP TIPS, our allocation recommendation remains consistent with both the S and C funds hitting post-COVID highs and having “A” performance rankings. As such, we’ll remain with our current allocation.
On Thursday we found out the economy added 1.763 million jobs in July, and the June and May jobs reports were revised sharply higher. On Friday, we saw the third straight month of improvements in the unemployment rate, with July’s number coming in at 10.2%. Hopefully next month we’ll see single digits, and hopefully next week we’ll see some progress in stimulus talks. And to top it off, we just had six straight days of increases in the S&P 500. On Wednesday and Thursday the S&P 500 had consecutive daily gains of 0.64 percent, which is unusual, and then on Friday the S&P 500 closed at 3351. This was also the longest streak of consecutive bullish days in 2020. However, there was a longer streak of seven days this year, but in the bearish direction. After the S&P 500 hit its last record high of 3386 on 19 February, the next seven straight days were down. Now wouldn’t it be nice to see the S&P 500 break that seven day streak next Tuesday. And wouldn’t it be nicer to see the S&P 500 close at a new record high while breaking that streak. In last week’s write up, I stated that “From our present level, that’s only 3.5 percent away which is within reach.” This week we’re right about 1 percent away. For TSP TIPS, our allocation recommendation remains consistent with both the S and C funds hitting post-COVID highs and having “A” performance rankings. As such, we’ll remain with our current allocation.