It was an exceptionally busy and volatile week for the markets as the S&P closed down for the week, but up over 1% on Friday and closing at 3770. Monday was Halloween and also the end of a bullish October for the Dow, having its best month since January 1976 and best October ever. However, that bullish trend reversed on Wednesday afternoon. As expected, the Fed increased interest rates another 0.75% for the fourth time in a row. Stocks initially climbed on the statement release, but when Fed Chair Powell took to the podium and said it was premature to discuss a rate hike pause, those gains were reversed plus some. This carried forward into Thursday, but Fridays markets were driven by a somewhat contradictory October jobs report which showed 261,000 payrolls jobs added, surpassing the 205,000 estimate. However, the 3.7% unemployment rate came in above the expected 3.5%. On the technical side, the S&P 500 currently stands at the mid-point of the Bollinger Band, or a reversion to the mean, i.e., neutral. Were also standing above the S&P 500 support level of 3638. For TSP TIPS, we are also remaining neutral and are recommending no changes to our current allocation. Lastly, to our TSP TIPS veteran subscribers a hearty thank you on your Veterans Day this Friday!!
It was an exceptionally busy and volatile week for the markets as the S&P closed down for the week, but up over 1% on Friday and closing at 3770. Monday was Halloween and also the end of a bullish October for the Dow, having its best month since January 1976 and best October ever. However, that bullish trend reversed on Wednesday afternoon. As expected, the Fed increased interest rates another 0.75% for the fourth time in a row. Stocks initially climbed on the statement release, but when Fed Chair Powell took to the podium and said it was premature to discuss a rate hike pause, those gains were reversed plus some. This carried forward into Thursday, but Fridays markets were driven by a somewhat contradictory October jobs report which showed 261,000 payrolls jobs added, surpassing the 205,000 estimate. However, the 3.7% unemployment rate came in above the expected 3.5%. On the technical side, the S&P 500 currently stands at the mid-point of the Bollinger Band, or a reversion to the mean, i.e., neutral. Were also standing above the S&P 500 support level of 3638. For TSP TIPS, we are also remaining neutral and are recommending no changes to our current allocation. Lastly, to our TSP TIPS veteran subscribers a hearty thank you on your Veterans Day this Friday!!