[Chart courtesy of MarketWatch.com] Moving the markets The Nasdaq powered ahead early in the session as the Dow and S&P 500 struggled to find some traction. However, the euphoria was short lived as mid-day selling pulled all three indexes lower and below the unchanged line. Tranportations (IYT), who had put up some strong numbers in recent days, under-performed and lost …
Tax Plan Optimism Sparks Rally
[Chart courtesy of MarketWatch.com] Moving the markets And the beat goes on. Optimism about the tax plan prospects went into hyper drive with John McCain appearing to be the catalyst by casting his “YES” vote convincing traders that a tax reform may actually happen. That motivated the bullish crowd, and the major indexes jumped. Even though we came off the …
Tech Proves To Be A Drag On The Markets
[Chart courtesy of MarketWatch.com] Moving the markets It’s really no surprise that the best performing sector of 2017 had to eventually come off its lofty levels and back to reality. That moment was today as, despite nine of the 11 S&P sectors gaining, Semiconductors (SMH) took a hit at the rate of -4.24%. Autodesk (ADSK) announced some earnings and restructuring …
Shifting Into Overdrive
[Chart courtesy of MarketWatch.com] Moving the markets Momentum for equities shifted into overdrive supported by two events. First, Trump’s nominee to run the Federal Reserve, Jerome Powell, testified at a Senate confirmation hearing that “he expects to stay on the course” set by the current Fed chief Yellen. Obviously, these were words that traders wanted to hear and off to …
Dow Bucks The Trend As Upward Momentum Slips
[Chart courtesy of MarketWatch.com] Moving the markets Right after the opening bell, the major indexes stormed into record territory but succumbed mid-day and turned this session into a non-event with only the Dow clinging on to close in the green. Despite warnings about the market’s lengthy run without a meaningful correction, traders focused on technical factors supporting their bullish view …
A Slow Pre-Holiday Session; Dollar Dumps And Gold Jumps
[Chart courtesy of MarketWatch.com] Moving the markets The major indexes presented a mixed picture with the Dow and S&P 500 slightly dipping while the Nasdaq managed to eke out another record—although a tiny one. The Fed minutes surprised traders in that they were very dovish (lower rates) ignoring inflation concerns with some officials opposing near-term rate hikes. That came as …