[Chart courtesy of MarketWatch.com] 1. Moving the Markets Front-running Fed chief Yellen’s speech was the idea of the day on hopes that Friday’s bad jobs report would be great news for the markets. Forget the Dow today, it was all about the S&P 500 as it set a 2016 closing high in today’s trading, after Fed chair Janet Yellen hinted …
Markets Gain Despite OPEC Turmoil
[Chart courtesy of MarketWatch.com] 1. Moving the Markets OPEC and oil were the largest market movers today. Imagine my surprise when news came in during mid-day trading that OPEC was not able to seal a deal on capping oil production. The failure to reach a decision underscores the increasingly conflicted interests within the organization. Two members in particular, Saudi Arabia …
Is June Gloom Looming?
[Chart courtesy of MarketWatch.com] 1. Moving the Markets Stocks spent much of the day in the red as Wall Street reacted to sub-par economic data out of China. China’s official purchasing manager’s index for manufacturing was inline with forecasts at 50.1, but that is a dangerous place to be because any number below 50 indicates a contacting economy. The month of May …
May Marks 3rd Straight Positive Month
[Chart courtesy of MarketWatch.com] 1. Moving the Markets Although markets did little to impress in the first day of trading after the holiday weekend, the gains from last week were enough to maintain a positive month overall for May. This marks the third straight month of gains for the S&P 500 for a grand total of +1.8%. Today, we heard …
No Upside Follow Through On Low Volume Day
[Chart courtesy of MarketWatch.com] 1. Moving the Markets Stocks went nowhere and held steady as most assets decoupled and closed lower. ZH reports that USDYPY headed south as did oil, high yield bonds and Treasury yields while the major stock indexes stubbornly remained in nosebleed territory closing around the unchanged line. Volume was atrocious. Banks were a drag on the …
The Short Squeeze Continues
[Chart courtesy of MarketWatch.com] 1. Moving the Markets Markets are on a 3-day run heading into the end of May and it seems that a ‘Rally Cry’ is on the tip of everyone’s tongue despite China devaluing their currency to the lowest in 5 years and the U.S. services industry tanking. So, what is driving markets higher this week? A …