This week marked the end of the third quarter, and saw September give back the majority of August’s gains, thereby snapping a five-month win streak. On the flip side, the S&P 500 finished the week at 3348, thereby snapping a four-week losing streak. It was also a “bookend kind” of week with the S&P 500 gaining 1.6 percent on Monday, but losing nearly 1 percent on Friday after a very volatile “POTUS coronavirus” session. From a technical perspective, September also saw a sharp Labor Day weekend selloff. After setting a new record of 3580 on Wednesday, 2 September, the S&P 500 had three straight days of losses and closed at 3381 on Tuesday, 8 September. Since then, we’ve basically been in a consolidating market with the S&P 500 in a range between 3236 and 3401. Uncertainty continues to be the theme, and will most likely continue through 3 November. For TSP TIPS, we reallocated to a neutral position on Monday, keeping us well positioned for a range bound market over the next four plus weeks.
This week marked the end of the third quarter, and saw September give back the majority of August’s gains, thereby snapping a five-month win streak. On the flip side, the S&P 500 finished the week at 3348, thereby snapping a four-week losing streak. It was also a “bookend kind” of week with the S&P 500 gaining 1.6 percent on Monday, but losing nearly 1 percent on Friday after a very volatile “POTUS coronavirus” session. From a technical perspective, September also saw a sharp Labor Day weekend selloff. After setting a new record of 3580 on Wednesday, 2 September, the S&P 500 had three straight days of losses and closed at 3381 on Tuesday, 8 September. Since then, we’ve basically been in a consolidating market with the S&P 500 in a range between 3236 and 3401. Uncertainty continues to be the theme, and will most likely continue through 3 November. For TSP TIPS, we reallocated to a neutral position on Monday, keeping us well positioned for a range bound market over the next four plus weeks.