[Chart courtesy of MarketWatch.com] 1. Moving the Markets Sure, when all else fails to prop up the markets, start a rumor. Just as the S&P dipped towards the psychologically 1,800 level, the WSJ reported that the OPECers were “ready to cooperate” on a production cut. That’s all it took, and the indexes staged their typical afternoon rally which, however, petered …
Smashing Exuberance
[Chart courtesy of MarketWatch.com] 1. Moving the Markets There was much hope of the Fed showing signs of not only relenting from their planned interest rate hikes in 2016 but possibly shifting in reverse and lowering rates in the very near future. Such was the anticipation as Fed chief Yellen delivered testimony in front of a congressional committee, which also …
Oil Dumps; Major Indexes Seesaw
[Chart courtesy of MarketWatch.com] 1. Moving the Markets Today was repeat of yesterday’s session in that markets sold off most of the day but managed a better recovery during the last hour by closing only slightly below the unchanged line. Apparently the bulls are still alive and putting up a fight during these tug-of-war sessions. The energy sector ended up …
Dead Cat Bounce Saves Indexes From Crashing
[Chart courtesy of MarketWatch.com] 1. Moving the Markets It it hadn’t been for a last hour turn-around, possibly a dead cat bounce, the major indexes may have headed for a steep dive. As it turned out, the worst was avoided for the time being, but this type of market action underscores what I have been saying since the middle of …
Aimless Meandering
[Chart courtesy of MarketWatch.com] 1. Moving the Markets Volatility in oil and currency markets was on again as the S&P 500 dropped towards the 1,900 level, rebounded to make new highs for the day, went sideways but managed to close slightly in the green. Crude oil was the predominant driver pushing the major indexes above and below their respective unchanged …
Oil Prices Lift Off And Fuel Market Rebound
[Chart courtesy of MarketWatch.com] 1. Moving the Markets It was a wild session with the indexes meandering in the red most of the day when the tug-of war between oil and weaker than expected economic data came to an end with oil shooting straight up and gaining some 9% on the day. Of course, as we’ve seen lately, there was …