[Chart courtesy of MarketWatch.com] Moving the markets A relief rally held its ground with the major indexes remaining steady above their respective unchanged lines, as strong bank earnings by Bank of America and Bank of Mellon provided the fuel to sustain the rebound. Of course, stocks have been in deeply oversold territory, and are hovering near year lows of the …
Stuck In Limbo
[Chart courtesy of MarketWatch.com] Moving the markets Today’s Producer Price Index (PPI) was a mixed bag and turned out to be a yawner for the stock market. While the PPI climbed 0.4% in September, which was twice the forecast of 0.2%, year over year, however, it rose 8.5%, which was an improvement from August’s 8.7% increase. The major indexes interpreted …
Another Dead-Cat-Bounce Bites The Dust
[Chart courtesy of MarketWatch.com] Moving the markets An early morning ramp-a-thon pushed equities into the green, with the Dow at one moment sporting a 400-point gain but, things turned sour quickly, and the major indexes dove into the close. Only the Dow managed to cling to its unchanged line, while the S&P and Nasdaq ended solidly in the red with …
Going…Going…Gone!
[Chart courtesy of MarketWatch.com] Moving the markets While the major indexes closed off their intra-day lows, they nevertheless scored another loss, as several rally attempts did not hold, and south we went. As I pointed out last week, the massive rebound, that propelled the Nasdaq some 6.5% higher on Monday and Tuesday turned out to be another head fake with …
Slumping And Pumping
[Chart courtesy of MarketWatch.com] Moving the markets Overnight weakness, followed by an early dump, with the Dow dropping some 400 points, was reversed as bullish sentiment prevailed causing traders and algos to pull the major indexes out of a hole and back to within striking distance of their respective unchanged lines. After two days of strong gains, the widely followed …
Perception Or Reality?
[Chart courtesy of MarketWatch.com] Moving the markets For the second day in a row, the markets rebounded sharply based on the idea that the Fed is due to pivot and implement a more dovish stance with its monetary policy. Never mind that all this is merely perception and not reality at all. But to the frontrunning traders and algos none …