[Chart courtesy of MarketWatch.com] Moving the markets Yesterday’s levitation continued right after the opening bell with the major indexes storming ahead unabated. Today’s driver were improved ADP employment data, which solidly beat expectations. They remain negative but show a massive improvement from the prior month. Even crashing April factory orders, by the most in some 10 years, could not offset …
Riots And Destruction—Stocks Rally
[Chart courtesy of MarketWatch.com] Moving the markets Today’s market theme was the same one like yesterday with traders focusing on easing Covid-19 lockdowns, while the ever-increasing civil unrest and riots were again ignored. Destroyed businesses and subsequent curfews certainly will impact an economy under stress, especially one that is trying to slowly re-open and is now threatened again with new …
Optimism Rules
[Chart courtesy of MarketWatch.com] Moving the markets The futures started on a rollercoaster ride with a sharp opening drop being followed by a rebound, which was followed by a decline and then another bounce back, as this chart shows. The regular session showed much less volatility when, after a weak start, bullish momentum appeared, and a slow but consistent ascent …
Markets Take A U-Turn Into The Red
[Chart courtesy of MarketWatch.com] Moving the markets A follow-through rally ran into a brick wall, took a U-turn, and headed south with the major indexes being pulled off their lofty levels and below their respective unchanged lines. The early burst higher was based on hope that the worst economic damage is now in the past with shutdowns continuing to ease. …
Leaving Overhead Resistance In The Dust
[Chart courtesy of MarketWatch.com] Moving the markets After the Dow and the S&P 500 battled with their overhead resistance yesterday, it was a different story today, when, after some early morning bobbing and weaving, the major indexes reestablished upward momentum and off we went. You would have thought that dismal economic data and rising US-China tensions would have imparted a …
Fighting To Conquer Key Levels
Moving the markets Attempting to cross psychologically important key levels to the upside was the name of the game today with the Dow trying to conquer the 25,000 obstacle, while the S&P 500’s goal was trouncing the 3,000 number. Both succeeded intraday, but a late sell-off pulled the indexes back below, as reports surfaced that the US was considering transaction …