[Chart courtesy of MarketWatch.com] Moving the Markets After yesterday’s “good news” by the Fed that interest rates will be hiked, which produced a nice rally, today’s action was range bound as the major indexes hovered close to the unchanged line with only the Nasdaq eking out a meager +0.01% gain. To get upward momentum soaring again, we need more news …
Fed Raises Rates Despite Weakening GDP
[Chart courtesy of MarketWatch.com] Moving the Markets You’d think that, as we’ve seen in the past, that a rate hike would cause the dollar to rally, but you would have been wrong. Instead, the greenback got absolutely hammered (see chart below) and lost -1.22% as the Fed stepped in and hiked interest rates by an expected 0.25%. That hike came …
Uncertainty Reigns
[Chart courtesy of MarketWatch.com] Moving the Markets Market nervousness and uncertainty prevailed as all eyes were feasted on the Fed ahead of their widely anticipated rate hike due to be announced tomorrow late morning. The longer term effect of such a hike remains subject to much speculation, as the Fed will be raising rates into a weakening economy with a …
Drifting Nowhere
[Chart courtesy of MarketWatch.com] Moving the Markets I did not except much market movement ahead of the Fed’s interest rate decision on Wednesday, and that’s exactly what happened as the major indexes vacillated in a tight range ending little changed on low volume. Behind the scenes, some divergence has become apparent as the number of S&P companies above their 50-day …
Equities Eke Out A Small Gain; Bonds Get Clobbered
[Chart courtesy of MarketWatch.com] Moving the Markets Another directionless day with the major indexes hovering below the unchanged line but a last minute ramp helped to get us into the green thereby avoiding a 6th straight loss for the Dow. The indexes are now unchanged from Trump’s rally speech. Financial conditions remain tight with bonds having another ugly day as …
Oil Plunges; Market Weakness Continues
[Chart courtesy of MarketWatch.com] Moving the Markets It was another mixed day in the markets as encouraging news via a stronger-than-expected ADP employment report was offset by a collapse in oil prices, which got hammered at the rate of -5.38%, their biggest drop in over a year, caused by a bearish inventory report. The ADP report showed that private companies …