[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 …
Squeezing The Shorts: Major Indexes Advance Deeper Into Record Territory
[Chart courtesy of MarketWatch.com] Moving the markets Never mind the political crisis in Germany. European equities started the day rallying sharply and then handed the baton to the US giving domestic stocks the opportunity to run towards the finish line, which they did assisted by the VIX, which got hammered to 9 (from its recent high of 12). That allowed …
Continuing The Upward Path
[Chart courtesy of MarketWatch.com] Moving the Markets Friday’s strong rebound continued today although at a lesser pace. Nevertheless, the major indexes rose in unison as Wall Street traders kept the prospect for the tax cuts and corporate earnings in focus. Despite political upheaval in Germany, caused by Chancellor Merkel not being able to form a coalition government, equities on both …