[Chart courtesy of MarketWatch.com] Moving the Markets Markets were a little chaotic early in the session as the major indexes had rallied and then collapsed below the trend line very quickly as the chart above shows. Slowly but surely, we recovered, touched the unchanged line a few times but ended up closing slightly below it. Economic data points continued their …
Earnings And Oil Assist The Markets
[Chart courtesy of MarketWatch.com] 1. Moving the Markets The major indexes rallied moderately supported by better-than expected quarterly results from Morgan Stanley along with oil prices, which gained over 2% and are nearing their 15-month high. And again, data points confirmed sluggishness in the economy as shown by weak housing data and a disappointing outlook in the tech area, which …
Netflix Saves The Day
[Chart courtesy of MarketWatch.com] 1. Moving the Markets Of course, it’s only the beginning of the third quarter earnings season but talk of growth expectations in the +0.2% area was the theme of the day. It also means that the quarter has to stay on this track to match the fourth-quarter of 2014 in which both earnings and revenues headed …
Fed Speak Keeps Markets On Edge
[Chart courtesy of MarketWatch.com] 1. Moving the Markets Despite BofA reporting its first profit increase in three quarters, it wasn’t enough to keep the markets above the unchanged line. Offsetting the positive tone were some weak economic data points in form of industrial production contracting for the 13th straight month, its longest non-recessionary streak ever. Adding to this misery was …
Clawing Back
[Chart courtesy of MarketWatch.com] 1. Moving the Markets Equities continued their downward trend following weak Chinese data but a turnaround in oil prices pulled the major indexes back up and limited the decline to -0.31% for the S&P 500. The negative catalyst was Chinese exports falling 10% in September, which was far worse than expected while imports also shrank unexpectedly. …
Fed Minutes Are A Non-Event
[Chart courtesy of MarketWatch.com] 1. Moving the Markets Despite great anticipation, the Fed minutes turned out to be a dud, as the usual jawboning concluded with “policy makers judged a rate hike could be warranted ‘relatively soon,’ if the economy continues to strengthen.” Of course, I did not expect any changes prior to the election since the Fed is in …