[Chart courtesy of MarketWatch.com] Moving the markets It was a weak Wednesday with the major indexes wandering aimlessly after the release of the Fed’s Beige book showed that “economic activity grew at a slight-to-moderate pace” in March and early April. Upward pressure on wages indicated a tight labor market, however, retail and auto sales were sluggish. Speaking of the former, …
Stumbling Towards Record Highs
[Chart courtesy of MarketWatch.com] Moving the markets An early rally petered out as the S&P 500 slowly but surely drifted towards its unchanged line and suddenly dropped below it. However, thanks to a last minute levitation, the index managed to crawl back above it to close fractionally in the green. The other two major indexes showed a little more staying …
Spooked By The Banks
[Chart courtesy of MarketWatch.com] Moving the markets An early drop below the unchanged lines had the major indexes on the defensive right after the opening bell. After Friday’s decent start to the earning season, Goldman Sachs and Citi Group underwhelmed with their report cards. With these two institutions being banking powerhouses, investors were disappointed as those two were expected to …
S&P 500 Flirts With 2,900 Level
[Chart courtesy of MarketWatch.com] Moving the markets The S&P 500 came within a few points of touching its 2,900 level, but lack of follow through momentum pulled the major indexes off the highs and below the unchanged lines before a rebound limited the damage. The retreat occurred as uneasiness prevailed amongst traders in view of the upcoming earnings season, which …
Drifting Higher
[Chart courtesy of MarketWatch.com] Moving the markets Investors were all over the released March Fed minutes trying to gain some insight as to why the Fed decided to give up on normalizing their monetary policy. Recall that last month the Fed abandoned plans for further rate increases in 2019 due to uncertainty over the lack of growth not just in …
Digging A Hole And Staying In It
[Chart courtesy of MarketWatch.com] Moving the markets For a while, the markets looked like attempting to repeat yesterday’s feat, namely that an opening dump would be followed by a slow and steady recovery back above the unchanged line. However, mid-day the developing rebound hit a brick wall, reversed, and south we went taking out the early morning lows. Causing this …