[Chart courtesy of MarketWatch.com] Moving the markets Despite an early bounce, the major indexes did not find any lasting bullish support and chopped around during this last trading day of August without much conviction. As a result, the indexes notched their 4th straight losing session casting further doubt on a much hoped for extension of the June rebound. That wishful …
And The Bearish Beat Goes On
[Chart courtesy of MarketWatch.com] Moving the markets Bullishness during the overnight session vanished in a hurry, with the bears gaining the upper hand again and throwing doubt on a continuation of the summer comeback. The Fed and other global bankers have made it clear that their number one priority is to hike rates to crush inflation, no matter what the …
Failing To Climb Out Of A Hole
[Chart courtesy of MarketWatch.com] Moving the markets After Friday’s spanking, the major indexes continued their path lower and managed to scramble back far enough to kiss their respective unchanged lines twice. However, upward momentum vanished during the last hour, and we closed in the red again led by the Nasdaq with a 1% loss. Obviously, rising rates in conjunction with …
Treading Water
[Chart courtesy of MarketWatch.com] Moving the markets An early rebound attempt had no legs causing the major indexes to slip below their respective unchanged lines. Not much was lost though, as the tug-of-war between the hawkish crowd (higher rates) and the dovish supporters (lower rates) were evenly matched. Ahead of Friday’s Jackson Hole symposium, and Powell’s speech thereafter, the markets …
Skepticism About The ‘Fed Pivot’ Thrashes Equities
[Chart courtesy of MarketWatch.com] Moving the markets Much of the July/August rebound from deep bear market territory was based on hope that the Fed will have to abandon its hawkish interest rate policy and “pivot” towards dovishness, which would result in lower rates and hence a continuation of the bullish theme. While this pivot may eventually happen, it may not …
Gingerly Advancing
[Chart courtesy of MarketWatch.com] Moving the markets Despite the Dow setting the bullish pace early on, the S&P 500 and Nasdaq struggled through the session by bouncing above and below their respective trend lines, with the former eking out a small gain and the latter falling short of it. The Dow benefitted from earnings results of Walmart and Home Depot, …