[Chart courtesy of MarketWatch.com] 1. Moving the Markets The U.S. stock market slightly extended its relief rally as Wall Street and other global financial markets continue to be dominated by the pending outcome of Britain’s vote on Thursday to leave or stay in the European Union. In a sign of just how high-profile and potentially risky the “Brexit” vote is …
Relief Rally Fizzles
[Chart courtesy of MarketWatch.com] 1. Moving the Markets Worldwide stock markets staged a huge rally this morning, which smelled like a dead cat bounce to me, as the much anticipated Brexit vote polls seem to be heading in the other direction with “remain” polls allegedly surging over the weekend casting doubt on the “leave” camp’s leadership. With the European Union …
Markets Fight Back
[Chart courtesy of MarketWatch.com] 1. Moving the Markets The Dow broke a five-session losing streak today as it reversed a nearly 170-point loss and turned positive despite growing angst related to next week’s “Brexit” vote in the U.K. Rising confusion over Fed policy and sagging economic growth around the globe has investors a bit in a state of shock to say the least. …
The Fed Blinks: Holds Rate Hike At Bay
[Chart courtesy of MarketWatch.com] 1. Moving the Markets Despite talking out of both sides of its mouth for weeks, the Federal Reserve announced at the close of its meeting today that it would keep interest rates unchanged. While commenting on the matter though, Yellen said a July hike “is not impossible,” suggesting that strong job growth in June and substantial upward revisions …
Fourth Straight Loss For Domestic Indexes
[Chart courtesy of MarketWatch.com] 1. Moving the Markets Stocks extended their decline today as the Fed began its two-day policy meeting. The general sentiment is that rates are going to be hiked anytime soon, so that potential announcement is fairly well baked into prices throughout the market at this point; that’s the official version. Personally, when looking at the consistently …
Nervous Monday: Markets Retreat
[Chart courtesy of MarketWatch.com] 1. Moving the Markets Wall Street was a mess today after the shooting in Florida this past Sunday morning. This unfortunate incident, alongside uncertainty ahead of the U.S. Federal Reserve’s meeting this week and on mounting concern about Britain’s possible exit from the European Union did not equate to a prosperous trading day in the market …