[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 …
Optimism Powers Markets
[Chart courtesy of MarketWatch.com] Moving the markets The winning steak continued and was supported by increased hopes that a Russian-Ukraine ceasefire may be on deck, despite the warring parties saying that they are not close to deal. Phrases like “nothing is agreed upon, unless everything is agreed upon,” took the starch out of the early bounce by mid-day, but the …
Dropping And Popping
[Chart courtesy of MarketWatch.com] Moving the markets An early drop in the markets found a bottom and suddenly reversed after the Financial Times posted an article claiming this: Russia is no longer requesting Ukraine be “denazified” and is prepared to let Kyiv join the European Union if it remains militarily non-aligned as part of ongoing ceasefire negotiations. The draft ceasefire …
Ignoring Reality
[Chart courtesy of MarketWatch.com] Moving the markets After yesterday’s drubbing, short-term market direction reversed again with the major indexes recovering just about all of Wednesday’s losses. A drop in jobless claims to the lowest in decades provided the backdrop and gave confidence that the economic recovery remains on track, despite much evidence to the contrary. Hope that a ceasefire …