[Chart courtesy of MarketWatch.com] Moving the Markets I’ve been mentioning the glass ceiling during recent posts, and today was the day when the S&P 500 managed to break out of a 4-day sideways pattern to close the session at a new record but only by a tiny margin while setting a 2017 volume low. Most of the day was spent …
Bouncing Against A Glass Ceiling
[Chart courtesy of MarketWatch.com] Moving the Markets The major indexes managed to stay above the unchanged line throughout the session (on low volume) and kept bouncing against the invisible glass ceiling also known as new all-time highs. There was not enough momentum to break through, and it appears that we’ll be having a fairly quiet week as far as politics …
Stocks And Precious Metals Jump; Dollar Slips
[Chart courtesy of MarketWatch.com] Moving the Markets Another effort to push equities back to levels reached prior to last Wednesday’s sell-off was successful with all three major indexes gaining for the third day in a row as the S&P 500 is now lurking within 8 points of its all-time high and is back in the green for May. However, the …
Bouncing Off The Lows
[Chart courtesy of MarketWatch.com] Moving the Markets Despite the major indexes closing at their lows of yesterday’s session, downside follow through was contained, and a rebound rally materialized but faded into the close. Nevertheless, equities managed to squeeze out some modest gains despite a bloodbath in the Brazilian stock market with EWZ getting spanked at the tune of -16.33%. Ouch! …
Dollar Slumps, Gold Pumps And Equities Dump
[Chart courtesy of MarketWatch.com] Moving the Markets I finished yesterday’s piece by stating that the current VIX level is simply unsustainable. As if by magic, the VIX suddenly exploded to the upside today spiking from 11 to 17, which is the most in 8 months and interrupting the longest period of calm for the S&P 500 since 1969. Consequently, the …
Dollar Slumps And Gold Jumps
[Chart courtesy of MarketWatch.com] Moving the Markets It was a mixed news bag as the housing recovery showed signs of “un-recovering” with Housing Starts dropping 2.6% in April after getting hammered in March with a 6.6% reduction. Not to be outdone, Building Permits joined in by tumbling 2.5% MoM, way below expectations. On the retail side, the apocalypse continued as …