[Chart courtesy of MarketWatch.com] Moving the markets Last week’s thrashing of the markets was the worst so far in 2023. So, it comes as no surprise that traders and algos engaged in some bottom fishing with another big week in retail earnings hopefully proving the support to give these efforts some staying power. While the early thrust petered out, at …
Popping And Dropping
[Chart courtesy of MarketWatch.com] Moving the markets The release of the most recent Fed minutes was on traders’ minds, while they looked for clues as to what the next move by the Central Bank would be in terms of inflationary measures. An early bounce of hope reversed, despite a short squeeze, and the bears scored another win with the S&P …
Reality Check
[Chart courtesy of MarketWatch.com] Moving the markets It appeared that traders and algos alike finally were confronted with a reality check, namely that interest rates will not retreat and likely move considerably higher. This has been the consistent theme of the Fed and its mouthpieces, and I have repeatedly suggested that front running and hopeful thinking does not change underlying …
Climbing Out Of A Hole—Again
[Chart courtesy of MarketWatch.com] Moving the markets Yesterday’s hotter-than-expected CPI report could not keep the markets under water for any length of time. The same meme was at play today, after a stronger-than-expected retail sales report pushed equities into an early hole. In an almost repeat performance, the major indexes battled back, reclaimed their unchanged lines and closed moderately in …
CPI Report: From Hangover To Recovery
[Chart courtesy of MarketWatch.com] Moving the markets Wild chaotic swings during the early marked the uncertainty connected with the hotter-than-expected January CPI report. Stocks dumped, pumped, and dumped again before managing to recover steep early losses. The reversal pushed only the Nasdaq back above its respective unchanged line by a moderate margin. The CPI rose 0.5% for the month, which …
Front Running The CPI Report—Again
[Chart courtesy of MarketWatch.com] Moving the markets As we witnessed last month, traders maintained the same theme, namely front running the CPI report, on hopes that a weaker number will appear, which would persuade the Fed to take the foot of the hiking pedal, and that a more dovish stance towards interest rates would be appropriate. The major indexes tried …