[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 …
Upward Momentum Disappears: Stocks AND Bonds Tank
[Chart courtesy of MarketWatch.com] 1. Moving the Markets Disappointing corporate reports put the major indexes into negative territory right out of the gate and things went south from there. Those living by the old “chiseled-in-stone” rule that bonds will rally if stocks sell off have to do some rethinking if that meme really still holds true when considering the amount …
Energy Sector Pulls Up Wall Street
[Chart courtesy of MarketWatch.com] 1. Moving the Markets The major indexes headed higher as energy shares and oil prices proved to be the catalyst to drive the markets. Helping the advance were polls allegedly showing that Hillary Clinton’s lead over Trump widened, at least that’s what MSM was heavily promoting. Clinton’s views are well known and considered to be positive …