[Chart courtesy of MarketWatch.com] Moving the markets The major indexes meandered around their respective unchanged lines for most of the morning, when news that the State Department had lifted its global travel advisory from 4 months ago hit the wires. That was like poring gasoline on a fire, and the indexes rocketed higher for the remainder of the session and …
Nasdaq Sets Record—Gold Hits New All-Time High
[Chart courtesy of MarketWatch.com] Moving the markets The Dow raced ahead and ended just short of a 400-point gain, but gold again outperformed with another solid +1.53% showing. The S&P closed within 1.7% of its all-time high. The mood was upbeat, not because of facts, but merely hope of further stimulus from the government to assist the out-of-work Americans. However, …
Equities Recover, But Gold Excels
[Chart courtesy of MarketWatch.com] Moving the markets This morning, we saw another weak opening with the major indexes zigzagging and being pulled into the red before another magic last hour ramp pushed equities to a green close. Mid-day, stocks obliterated some of their gains, as House Speaker Pelosi announced that she “doesn’t think there will be a deal this …
Rallying into August
[Chart courtesy of MarketWatch.com] Moving the markets Friday’s last hour rebound served as a foundation for further advances, as the major indexes did not skip a beat, opened to the upside, never looked back, and ended up scoring another green close, which greatly benefitted our current positions. Helping matters was the impact of another strong short squeeze. As we’ve seen …
Plunging Economy—Nasdaq Survives Weakness
[Chart courtesy of MarketWatch.com] Moving the markets Early this morning, the Dow was down some 500 points, and other major indexes showed similar weakness, as the US economy plunged an enormous as well as unprecedented -32.9% in the second quarter confirming what I have said before: There is no V-shape recovery on the horizon. At best, we can hope for …
Fed Satisfies Markets
[Chart courtesy of MarketWatch.com] Moving the markets Markets were in a bullish mood right after the opening bell and slowly ascended in anticipation of positive news from the Fed meeting. That turned out to be the case, as the Federal Reserve left benchmark interest rates unchanged and promised to provide support until the threat of further negative economic impact by …