[Chart courtesy of MarketWatch.com] Moving the markets Despite the CPI coming in at an annual rate of 8.5%, worse than expected (8.4%), the fact that the index increased a horrible 1.2% MoM was simply ignored, as traders, and computer algos were encouraged by the Core CPI (excluding food and energy), which “only” rose 0.3% in March vs. an expected gain …
Soaring Bond Yields Slam Equities
[Chart courtesy of MarketWatch.com] Moving the markets There was no question as to who oversaw market direction today. With bond yields soaring, and the 10-year spiking to 2.78%, its highest level since January 2019 when it topped out at 2.799%, the bears clearly had the upper hand. The major indexes got smacked with the Nasdaq leading the downturn by surrendering …
Fed’s Hawkish Intentions Hamper Markets
[Chart courtesy of MarketWatch.com] Moving the markets The highly anticipated Fed minutes turned out to be more hawkish than expected in terms of QT (Quantitative Tightening) and future rate hikes, which ZH summed up like this: As much as $95 billion in asset runoff per month ($60-90 bn expected) Many Fed officials say half-point hikes may be warranted Fed sees …
Fears Of Econ Slowdown Trouble Markets
[Chart courtesy of MarketWatch.com] Moving the markets While we saw a benign opening, things went south for the broad markets, as Monday’s theme of climbing a wall of worry was short lived with the major indexes giving back more than they gained yesterday. It brought back of thoughts as to whether this chart indeed is showing a topping formation. Downward …
Scaling A Wall Of Worry
[Chart courtesy of MarketWatch.com] Moving the markets Despite a negative news environment, traders ignored most of the headlines and the fact that US factory orders tumbled in February and scored their biggest drop since April 2020. Also sounding a word of caution was this chart (hat tip to ZH) suggesting that the March melt up, AKA a short-cover rally, may …
Running Out Of Peace Hopefulness
[Chart courtesy of MarketWatch.com] Moving the markets While the Dow peeked above its unchanged line early on, that visit was an ephemeral one because the index shortly thereafter joined the S&P 500 and Nasdaq in the red. The slipping and sliding continued throughout the session with dip buyers being conspicuously absent. Things got worse mid-day after Russia reported that they …