[Chart courtesy of MarketWatch.com] Moving the markets Last week’s relentless hope that Fed head Powell will be forced to pivot due to recessionary forces (lower rates), which triggered a nice rebound, became questionable as to its timing and may not happen as quickly as the markets had expected. That could affect the duration of the current bullish run. The major …
Bad News Is Good News: Fed’s Rate Hike Pleases Markets
[Chart courtesy of MarketWatch.com] Moving the markets Only thing mattered today, and that was the announcement by the Fed on interest rates. Traders and algos alike engaged in the usual front running, and today they were not disappointed, as the Fed did not surprise with an unexpected hike of 1% but satisfied expectations of 0.75 increase. Late in the session, …
Walmart Cuts Forecast—Punishes Stocks
[Chart courtesy of MarketWatch.com] Moving the markets After the close yesterday, Walmart came out and cut its earnings forecast, which pulled all retailers lower in the afterhours trading session, as fears mounted that consumer spending, or rather the lack thereof, will now not be the driver to keep the U.S. out of a recession. That sour mood carried into today’s …
Treading Water
[Chart courtesy of MarketWatch.com] Moving the markets The major indexes fluttered throughout the session with no clear direction, because traders prepared themselves for the big events later this week. The next 4 trading days will be the busiest, as about one third of the S&P 500 members are scheduled to release their earnings reports. The Fed will be on deck …
Tech Dominates
[Chart courtesy of MarketWatch.com] Moving the markets Despite and early sell-off, the major indexes found some footing, wobbled all day yet managed to produce another green close for the second straight day. It was a tug-of-war between those traders who were scouring the latest corporate earnings for indications that profits remain on an upward trend, which would support higher stock …
Gambling On A Market Bottom
[Chart courtesy of MarketWatch.com] Moving the markets After experiencing bobbing, weaving and some head fakes, traders finally stepped up to the plate and put some money on the betting table that markets might have finally found a bottom. Bullish sentiment received some support from strong earnings, which appeared to show that companies are adapting to economic challenges better than feared …