[Chart courtesy of MarketWatch.com] Moving the markets Equities took in on the chin again with the major indexes notching another loss, as interest rates rose among unrest in a variety of global currencies. The British Pound (BP) had at one point fallen 4% against the Dollar but came off its lows on rumors of the Bank of England having to …
Crashing Into The Close
[Chart courtesy of MarketWatch.com] Moving the markets Up until the Fed’s announcement on interest rates, the major indexes marched in sync above their respective unchanged lines sporting modest gains. Just minutes before Powell’s appearance, fear must have gripped the trading community, and we sold off sharply, hovered for a while, after which a rebound rally took us back into the …
Fed Anxiety Spooks Markets
[Chart courtesy of MarketWatch.com] Moving the markets It appeared that Fed anxiety ahead of its key rate decision tomorrow had traders and algos on edge, with the Dow plunging some 400 points mid-session. We recouped some of these steep losses during the last hour, but negative sentiment prevailed due to nobody wanting to have overexposure in equities. A 0.75% rate …
Creeping Higher
[Chart courtesy of MarketWatch.com] Moving the markets While the major indexes were hugging their respective unchanged lines for most of the session, a last hour breakout allowed equities to close moderately in the green after the thrashing of last week. It was aimless meandering for the most part with the Dow trading in a range from -260 points to +180 …
Struggling For Direction
[Chart courtesy of MarketWatch.com] Moving the markets After yesterday’s bloodbath, it came as no surprise that dip buyers surfaced and nibbled hoping to catch the market equivalent of a falling knife. The major indexes vacillated above and below their respective unchanged lines but managed to eke out some small gains, thanks to a last hour rebound. Trying to find some …
Markets Puke After CPI Data
[Chart courtesy of MarketWatch.com] Moving the markets The wishful thinking of traders and algos alike, that peak inflation was behind us, came to a screeching halt today, when the latest CPI number showed a worse than expected reading of 8.3, and that a Fed pivot to lower rates is now nowhere on the horizon. For months, I have commented ad …