[Chart courtesy of MarketWatch.com] Moving the Markets An early rally attempt lost steam again late in the session with today’s spoiler being Secretary of State Tillerson, who took center stage and reversed his view from last week that the US had no interest in removing the Syrian president to now beating the war drums and announcing “that steps are underway …
Fed Spooks Wall Street And Reverses Morning Rally
[Chart courtesy of MarketWatch.com] Moving the Markets As the chart above shows, a morning rally got derailed in a hurry with the major indexes ending the session to the downside. A positive ADP report got things started in a northerly direction with the S&P 500 knocking on the 2,400 level. Data showed that 263,000 workers were added in March, which …
Another Successful Dump And Pump
[Chart courtesy of MarketWatch.com] Moving the Markets In a repeat from yesterday, the early market dump gave way to the usual pump to ensure that the major indexes closed in the green as it appeared that the BTD (Buy the Dip) crowd was out in full force. The Dow managed to kiss its 50-day M/A for the second day in …
Grinding Back To The Unchanged Line
[Chart courtesy of MarketWatch.com] Moving the Markets Two things pulled the rug out from early positive momentum at the opening. One, disappointing March auto sales, which should not have come as a surprise given the gigantic slip in retail sales including some 3,500 announced store closings, and two, the topic I have been pounding on lately, namely that questions about …
Dollar Rallies And Pushes Equities Higher
[Chart courtesy of MarketWatch.com] Moving the Markets The US dollar rallied for the 3rd day in a row (+0.54%) and conquered its psychologically important 100 level. The main support came from the latest 4th quarter 2016 GDP upward revision from 1.9% to 2.1%, which may help the dollar to notch its first weekly advance in three. Crude Oil joined the …
Energy Provides Support For The Bulls
[Chart courtesy of MarketWatch.com] Moving the Markets Finally, the energy sector showed some signs of life with the widely followed XLE gaining +1.3% for the day while barely crawling back above its 200-day M/A by a fraction. XLE has been in a solid downtrend since early December 2016. Oil gave an assist as well by rebounding +2.15%. More help for …