[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 …
Front Running The CPI Report
[Chart courtesy of MarketWatch.com] Moving the markets Stocks continued last week’s momentum to higher ground, as traders are still convinced that peak inflation is in the rear-view mirror, and that future rate hikes might be smaller because of it. That goes against Fed head Powell’s repeated assertions that he remains “strongly committed” to bring down inflation. No matter how the …
Shaking Off A Three-Week Slide
[Chart courtesy of MarketWatch.com] Moving the markets All eyes were on today’s release of the Fed’s Beige Book, which showed again that bad news can be good news, as far as the markets are concerned. To sum it up, key words that assisted the bulls were “downgraded growth,” “softening demand,” and “moderating price increases.” Manufacturing was mixed, with supply chain …
Surging Bond Yields Wreck Markets
[Chart courtesy of MarketWatch.com] Moving the markets A feeble rebound attempt right after the opening was easily rebuffed with the major indexes swinging wildly throughout the session, but the bearish theme outlasted any bullish attempts, so we closed in the red—again. The Nasdaq posted its 7th straight day of declines, its longest losing streak since November 2016, according to ZeroHedge. …
ETF Tracker Newsletter For September 2, 2022
ETF Tracker StatSheet You can view the latest version here. CRANKING AND TANKING AHEAD OF LABOR DAY [Chart courtesy of MarketWatch.com] Moving the markets An early bounce, supported by an alleged “Goldilocks” jobs report, hit a brick wall, reversed, wiped out all gains, and pulled the major indexes into the red by over 1% with the Nasdaq posting a …