[Chart courtesy of MarketWatch.com] Moving the markets Early this morning, the Dow was down some 500 points, and other major indexes showed similar weakness, as the US economy plunged an enormous as well as unprecedented -32.9% in the second quarter confirming what I have said before: There is no V-shape recovery on the horizon. At best, we can hope for …
Fed Satisfies Markets
[Chart courtesy of MarketWatch.com] Moving the markets Markets were in a bullish mood right after the opening bell and slowly ascended in anticipation of positive news from the Fed meeting. That turned out to be the case, as the Federal Reserve left benchmark interest rates unchanged and promised to provide support until the threat of further negative economic impact by …
Markets Drift—And Dive Into The Close
[Chart courtesy of MarketWatch.com] Moving the markets Most traders were glued to their monitors today, trying to watch the talks between Republicans and Democrats wrangling for a mutually acceptable solution on a second coronavirus aid package. Noted MarketWatch: A fight looms over supplemental unemployment benefits, with Democrats eager to maintain the existing $600 weekly supplement, while the Republican plan would …
Gold Jumps And Dollar Dumps
[Chart courtesy of MarketWatch.com] Moving the markets Gold’s rally continued today, as the precious metal settled at the highest price in history, namely $1,931 with silver recapturing the $24.50 level. As gold popped, the US dollar dropped, which was to be expected as these two asset classes move in opposite direction. Equities followed gold to the upside with especially the …
Equities Stumble In Search For Direction—Gold Shines
[Chart courtesy of MarketWatch.com] Moving the markets Early weakness in equities prevailed throughout the session, but downward momentum accelerated leaving the major indexes in the red with the Nasdaq taking the brunt of the beating. As we all know, the tech sector has been on a tear, so corrections are to be expected. Look at this chart below showing the …
Aimless Meandering—Gold Reigns
[Chart courtesy of MarketWatch.com] Moving the markets For most of the session, the markets engaged in directionless wandering but, as we’ve seen many times in the past, an afternoon ramp pushed the 3 major indexes solidly in the green, while pulling the lagging Nasdaq along for the ride. Two concerns kept the indexes stuck in a range, namely fears that …