[Chart courtesy of MarketWatch.com] Moving the markets An early follow through to the upside from yesterday’s rebound ran into resistance quickly, as traders were more comfortable adopting the mantra “let’s sell the rip” rather than believing the rally had substance to it. The Dow and the S&P 500 surrendered all gains and closed in the red with the Nasdaq barely …
Climbing Out Of The Basement—Again
[Chart courtesy of MarketWatch.com] Moving the markets Stocks took an early dump to start the week, with the Dow being down at one point by 500 points, but a mid-day slow and steady rebound assisted the major indexes to slip back above the unchanged line by a moderate margin. I can’t tell if the Plunge Protection Team (PPT) was at …
An Early Dump Followed By A Mid-Day Pump
[Chart courtesy of MarketWatch.com] Moving the markets Global markets in general collapsed early on with the Dow at one point being down over 700 points, and that only after only 1.5 hours’ worth of trading. Contributing to the sour mood were news of the arrest of the chief financial officer of Chinese Telecom equipment maker Huawei. Canadian officials arrested the …
One-Two Punch Knocks Down Markets
[Chart courtesy of MarketWatch.com] Moving the markets As I pointed our yesterday, sudden up moves can be ephemeral in nature, and even more so when they are based on hope and hot air. This is what we saw today when the nothing-burger, AKA the Trump-Xi non-deal, came back with a vengeance and collapsed the major indexes by over 3%. Trump …
No Trade Deal, But A Cease-Fire Propels Markets
[Chart courtesy of MarketWatch.com] Moving the markets Even poor economic data points such as Ford announcing 25k job cuts, or subprime auto loan issuance soaring, could not derail the no-deal Trump and Xi announcement from the G-20 meeting. The agreement to hold off with any major changes resembled a temporary truce and nothing else. The US agreed to keep the …
Approaching Resistance Levels
[Chart courtesy of MarketWatch.com] Moving the markets The November Fed minutes revealed that a rate hike was on the horizon, but the path from then on forward was uncertain and that “monetary policy in 2019 was not on a pre-set course.” Additionally, it was made clear that the expectation of 3 hikes was “flexible” and could change, if the economic …