[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, …
Keeping The Bullish Theme Alive
[Chart courtesy of MarketWatch.com] Moving the markets After a sharp opening drop, led by energy and financials, the major indexes reversed course, dug themselves out of a hole and rallied to a green close. The rebound came despite disappointing economic data out of China, as their Central Bank out of nowhere decided to cut rates, which seems to indicate that …
A ‘Cold’ CPI Reading Heats Up Markets
[Chart courtesy of MarketWatch.com] Moving the markets After the anticipated arrival of today’s CPI, which came in at 8.5% YoY, vs. an expected increase of 8.5%, the markets jumped with the Dow gaining some 500 points, a level we closed at. The bullish ramp showed no weakness during the session, as traders were relieved that the Fed may now back …
Surrendering Early Gains
[Chart courtesy of MarketWatch.com] Moving the markets An early rally of some 260 points in the Dow bit the dust, as questions about future demand in the semiconductor industry spoiled the party. Nvidia’s unexpected earnings preannouncement and guidance pulled the stock down by some 8% and cast questions on rival stocks as well. After having had a chance of looking …