[Chart courtesy of MarketWatch.com] 1. Moving the Markets The lack of correlation between oil prices and the major indexes I pointed out yesterday reversed with a vengeance as oil dropped another 5.79% on top of yesterday’s loss of 6.78% causing the markets to head south all day with no recovery in sight. Crude oil stumbling below $30/barrel accelerated a downdraft …
Clawing Back
[Chart courtesy of MarketWatch.com] 1. Moving the Markets It did not look pretty at the opening with the major indexes taking a dive after Friday’s come back rally. Interesting to me was the break in correlation with oil prices, as oil got hammered at the tune of -6.78%, yet equities managed to dig themselves out of a hole and closed …
Oil Feeds The Markets
[Chart courtesy of MarketWatch.com] 1. Moving the Markets Stocks ended higher in choppy trading as oil prices rose for a third straight day and moved above $33 a barrel. The major indexes posted gains early as strong corporate earnings reports provided a boost which quickly evaporated before equities mounted another comeback. In earnings news, Amazon (AMZN) missed Wall Street expectations, …
Volatility Slams Markets; Facebook Keeps Face
[Chart courtesy of MarketWatch.com] 1. Moving the Markets Stocks dove sharply into negative territory after the Federal Reserve signaled that it has not ruled out another interest rate hike at its March meeting despite noting that it is “closely monitoring” recent turbulence in financial markets and the global economy. All major indexes fell at least 1.1% today, with the Nasdaq …
Oil Reverses And Pulls The Major Indexes Higher
[Chart courtesy of MarketWatch.com] 1. Moving the Markets In a stunning reversal from yesterday’s sell-off, the likes of which I have described as typical in bear markets featuring big down days followed by big updays without clear long-term direction, oil rallied and pulled the indexes out of the doldrums with the S&P 500 reclaiming the 1,900 level. To be fair, …
Oil Pushes Markets Down A Slippery Slope
[Chart courtesy of MarketWatch.com] 1. Moving the Markets Oil continues to be the dominant market mover in the early days of 2016. Stocks ended lower Monday as oil prices dropped more than 7% and fell back to around $30 a barrel. The drop in oil prices of late is mostly due to global oversupply. It appears that none of the …