[Chart courtesy of MarketWatch.com] Moving the markets Following yesterday’s eye-popping Producer Price report, it came as no surprise to me that today’s soaring CPI release confirmed what I have been pouncing on all year, namely that inflation is here is to say and likely will get worse. US Consumer prices soared at their fastest rate in 40 years, as ZH …
Hot PPI Punishes Markets
[Chart courtesy of MarketWatch.com] Moving the markets The eagerly expected print of the current Producer Price Index (PPI) clearly showed the error of assuming that inflation will be transitory. For a change, analysts had forecast an eye popping 8.6% YoY rise in producer prices, and they nailed that number, which represents a new record high for YoY increases. MoM, the …
Dancing In Record Territory
[Chart courtesy of MarketWatch.com] Moving the markets After Friday’s mid-day dump, which was followed by a pump into the close, the markets registered their best week in over 6 months not for equities but also for bonds and gold. This meme dominated today’s trading environment and was supported by Congress having passed the $ 1 trillion infrastructure spending package. While …
Swinging Wildly
[Chart courtesy of MarketWatch.com] Moving the markets It was another wild ride in the markets with the Dow spending the session in the red yet closing just about unchanged. The S&P 500 and Nasdaq never dropped below their respective unchanged lines and continued their record run with the latter showing more bullish momentum than the former. The S&P produced its …
The Fed Appeases Markets
[Chart courtesy of MarketWatch.com] Moving the markets The eagerly awaited Fed announcement came and went and contained no surprises. As anticipated, the pandemic bond buying program of $120 billion/month is scheduled to be reduced by $15 billion starting 11/21 presumably due to the economy being strong enough to handle it. The Fed then gave the bulls the ultimate assist by …
Market Anticipation: The Fed Will Please
[Chart courtesy of MarketWatch.com] Moving the markets Anxiety about the upcoming Federal Reserve decision tomorrow seems to have evaporated, because equities continued their pursuit of all-time highs with the S&P 500 finishing at a record high for the third straight session, while the other two indexes set new intra-day highs. Strong earnings provided the confidence that the year-end rally will …