[Chart courtesy of MarketWatch.com] Moving the markets Optimism, that global economies may not become derailed as feared, contributed to the major indexes not only stringing together a 3-day win streak but also the S&P 500 scoring another record close. The gains were broad with value, growth (tech) and SmallCaps all participating with similar advances. The only fly in the ointment …
Bounce-Back Tuesday
[Chart courtesy of MarketWatch.com] Moving the markets The futures markets already indicated last night that green numbers might appear during today’s day session. That’s exactly how it turned out with the Dow sprinting ahead by some 300 points, a lead that slowly and steadily grew larger as the day progressed. The other two major indexes joined the party with the …
Tug-Of-War: Omicron Vs. Santa Claus
[Chart courtesy of MarketWatch.com] Moving the markets My somewhat humorous headline contains some truth in that hope for a Santa Claus rally is alive and well but has been met with resistance due to intensifying omicron fears with a resurgence in the number of Covid cases, which have been blamed on the variant. To be clear, the Santa Claus rally …
Fed Stokes Markets
[Chart courtesy of MarketWatch.com] Moving the markets The much-anticipated Fed announcement came and went. What mattered most to Wall Street traders was that Powell’s announcement was in line with expectations and contained no surprises. ZeroHedge clarified it this way: The Fed statement and economic projections saw the central bank double the pace of its asset purchase tapering to USD 30bln …
Stalling And Falling
[Chart courtesy of MarketWatch.com] Moving the markets There was simply too much uncertainty swirling around Wall Street to give the bulls any encouragement to pull the major indexes out of yesterday’s doldrums, so the bears dominated the session again. First, there was Goldman Sachs ringing the alarm bell by stating their worry about market breadth. Zero Hedge noted that it …
S&P 500 Tumbles From Its Record High
[Chart courtesy of MarketWatch.com] Moving the markets Despite the futures markets showing solid gains across the board last night, a sense of reality returned this morning, with all indexes opening to the downside. A mid-day rebound ended in disappointment, as the bears asserted some strength and pushed the major indexes towards their lows of the session. However, this really comes …