[Chart courtesy of MarketWatch.com] Moving the Markets An early rally attempt driven by Apple reaching new all-time highs was rebuffed in a hurry, as worries surfaced that Trump may not be able to deliver on his promised tax cuts as quickly as had been assumed, an assumption that has been the reckless driver of the market in recent months. Right …
Equities Lower; Precious Metals Higher
[Chart courtesy of MarketWatch.com] Moving the Markets An early rebound attempt ran out of steam as the Fed paraded a couple of their mouthpieces, who managed to spew some words of hawkishness to undermine any positive market momentum. First it was Fed’s Harker, who caused some worries with announcing that we “can’t rule out more than 3 hikes this year,” …
Equities Edge Down As Gold Jumps
[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 …