[Chart courtesy of MarketWatch.com] Moving the markets Given the overall geopolitical tensions, some real and some made up, I would have expected the markets to take a steeper dive. However, the pullback was slow and steady with no panic selling, but a melt-up attempt during the last hour hit the skids. The major indexes gave back over 1% with the …
On The Cusp Of A Sell Signal
[Chart courtesy of MarketWatch.com] Moving the markets If you think recent market behavior was downright nutty, nonsensical, and non-directional, you are not only correct, but you are also not alone. After Tuesday’s relief bounce, and yesterday’s comeback, traders were disappointed today that there was no follow-through buying, but also that the bears emerged full force and slammed the major indexes …
Diving And Thriving
[Chart courtesy of MarketWatch.com] Moving the markets The major indexes took another opening dive and hovered at their low points for most of the day. Traders were anxiously waiting for the release of the latest FOMC minutes (January), which showed the Fed’s plan to accelerate interest rate hikes but without providing details about its Quantitative Tightening (QT) intentions. This lack …
Relief Bounce
[Chart courtesy of MarketWatch.com] Moving the markets After three days of pain for the markets, the major indexes finally found some reason to dig themselves out of a deep hole, as the MSM fearmongering about the alleged Russia-Ukraine conflict lost some credibility. From my viewpoint, this was nothing but a constructed crisis, which ran out of steam today, when the …
Digging A Hole And Scrambling Out Of It—Twice
[Chart courtesy of MarketWatch.com] Moving the markets As the chart above shows, Thursday’s and Friday’s dump-a-thon continued into today’s session, with the major indexes plunging in the red, staging a recovery, plunging again, and falling short in their last hour attempt to crawl above their respective unchanged lines. Relentless headline news fear mongering about increasing tensions between Russia and Ukraine …
When All Else Fails, Start A Rumor
[Chart courtesy of MarketWatch.com] Moving the markets Starting a rumor is always a good way to keep a rally from falling apart, especially prior to one of the most eagerly awaited announcements, namely tomorrow’s CPI. Such was the case last night when, according to ZH, JPM heard “whispers of CPI below expectations,” which gave the bulls a running start. That …