[Chart courtesy of MarketWatch.com] Moving the markets One market technician called yesterday’s massive rebound a sucker’s rally and for most of today, with the major indexes trading way down, his view seemed to be correct except, it was not over yet. A powerful reversal during the last hour appeared to be a continuation of the quarter ending re-balancing by pensions …
Wiping Out The Christmas Meltdown Via A $64 Billion Buy Order
[Chart courtesy of MarketWatch.com] Moving the markets Equities finally managed to stage a long-overdue rebound from extremely oversold conditions but still leaving the major indexes far short of returning to bullish territory. Getting things started were comments by President Trump yesterday attempting to calm the investing crowd after the pre-Christmas disaster. Words like “buy the dip,” “I have great confidence …
A Historical Day: The Longest Manipulated Bull Market Is Over
[Chart courtesy of MarketWatch.com] Moving the markets Even a Holiday shortened session wasn’t enough to give the bullish crowd some hope, as the major indexes plunged again with the S&P 500 finally dropping into bear market territory, a level defined as a 20% drop from recent highs. Starting this mess was Treasury Secretary Mnuchin who, while on vacation, decided to …
Ferocious Bears In Charge: Markets Get Mauled
[Chart courtesy of MarketWatch.com] Moving the markets There was simply no hope at all for the bulls today, as we headed south right after the opening bell. Not helping the anxiety among traders were news that Trump was reluctant to sign a bill that would extend funding for the government to avoid a partial shutdown. That remark took the major …
Fed Hikes And Bulls Strike, As Markets Tank—Again
[Chart courtesy of MarketWatch.com] Moving the markets The Fed did not cave to recent public pressure exerted by politicians and Wall Street traders but stayed the course and hiked rates ¼%, while also predicting another possible two increases next year down from the previously announced three. While two is better than three, at least in the minds of traders, this …
Another Rally Bites The Dust
[Chart courtesy of MarketWatch.com] Moving the markets Today was a repeat of what we’ve seen a lot of lately. An early rally reversed mid-day, headed south below the unchanged line, but a last-minute bullish push shoved the major indexes back into the green, but only by a tiny margin. The walls of worry remain a deterioration in global growth and …