[Chart courtesy of MarketWatch.com] Moving the markets After rallying all month, the major indexes stalled today, but were able to wipe out most of March’s losses for the buy-and-hold crowd with the S&P 500 sporting its best monthly return since 1987. Of course, as we know, the rebound was entirely based on Fed support, as the markets were swamped with …
Jolting Bullish Sentiment
[Chart courtesy of MarketWatch.com] Moving the markets Bullish sentiment got an early boost this morning after Gilead Sciences reported that a government clinical trial, designed to evaluate its experimental drug remdesivir in Covid-19 patients, had met the study’s main goal. Hopes were high for progress towards a successful treatment. That news was good for an initial 350-point jump in the …
An Early 400-Point Dow Rally Dumps Into The Red
[Chart courtesy of MarketWatch.com] Moving the markets The current discussion amongst Wall Street strategists involves the question as to whether a test of the March lows is coming, or if investor FOMO (Fear Of Missing Out) is strong enough to keep driving the markets to ever higher levels. With the country starting to reopen slowly, traders apparently have no sense …
Crude Oil Dumps And Equities Pump
[Chart courtesy of MarketWatch.com] Moving the markets Despite weakness in the futures markets, the computer algos went to work this morning by pushing the major indexes to another green close with the S&P 500 gaining around +1.4%, while crude oil dumped -23%. We saw two assists supporting equities. One came from a giant short squeeze causing US stocks to surge, …
Popping and Dropping
[Chart courtesy of MarketWatch.com] Moving the markets Optimists got a slap in the face, as reports of the greatly hyped experimental coronavirus drug Remdesivir, by Gilead, delivered disappointing results in clinical trials. That was enough of a downer for the markets to buckle, and the early gains were slowly wiped out, despite attempts to revive the bullish theme. Looking at …
Snapping A 2-Day Slide
Snapping A 2-Day Slide [Chart courtesy of MarketWatch.com] Moving the markets After a 2-day slide, the markets found some footing via temporary stabilization of the oil market, some better-than-expected earnings reports, and anticipation that Congress will produce another stimulus package, maybe this time without much bickering. Getting things started, and preventing oil from slipping further, were announcements by the administration …