[Chart courtesy of MarketWatch.com] Moving the markets Right after the opening bell, equities hit the skids with the Dow dropping some 300 points before finding some footing. Causing this upheaval was the European Central Bank’s (ECB) Draghi, who unveiled a massive monetary easing program and an extended NIRP (Negative Interest Rates) period. While that should have been a positive for …
Trade Optimism Slips—Equities Follow Suit
[Chart courtesy of MarketWatch.com] Moving the markets The major indexes were unable to touch the plus side of the unchanged line, as the historic Christmas rebound struggled for the second day with the S&P 500 not being able to decisively cross above its apparent glass ceiling, namely the 2,800 level. Global markets slipped as well with investors waiting for new …
Clinging To The Unchanged Line
[Chart courtesy of MarketWatch.com] Moving the markets Aimless meandering probably best describes today’s session during which traders looked in vain for catalysts to establish market direction. There were none, so we bounced around the unchanged line in a narrow range, as neither bulls nor bears could find some footing. In the end, the major indexes closed slightly in the red; …
Losing Support And Dumping Into The Red
[Chart courtesy of MarketWatch.com] Moving the markets Sure, eventually there had to be a market pullback, as only hype and euphoria surrounded the U.S.-China trade talks with hard evidence of progress still seeming to be nebulous. This is what we saw today, as optimism about a concrete resolution simply faded. An early rally vanished in a hurry with the Dow …
Clawing Back
[Chart courtesy of MarketWatch.com] Moving the markets We started the day out in the red with some economic data contributing to the slide as US factory orders fell for the second month in a row. January pending home sales managed to rebound more than expected (+4.6% vs. 1% MoM) but continued to tumble year-over-year for the 13th straight month. Then …
Struggling For Dominance
[Chart courtesy of MarketWatch.com] Moving the markets The markets were on standby this morning hanging on every word that Fed chair Powell was uttering at a congressional testimony. He confirmed that the central bank has adopted a wait-and-see approach due to some economic data having pointed to slower U.S. growth, despite a report showing an increase in consumer confidence. He …