After 3 days of relentless selling, which caused the S&P 500 to lose -4.43%, it was time for a relief rally or possibly a dead cat bounce. The index managed to make up some of the recent losses by gaining +2.86% on the day as the chart, courtesy of MarketWatch.com, shows. There were several supporting actors lending an assist as …
Major Market ETFs Head Lower, But Damage Is Limited
At the open, the markets looked downright ugly as the Dow was briefly down some 300 points before a slow rebound cut into the early losses. Financial stability in Europe, or the lack thereof, along with a fallout from Friday’s poor unemployment numbers combined to support the bearish case for the moment. Yesterday’s pounding of the European markets caused by …
Uncertainty Ahead Of Jobs Report Pulls Equity ETFs Lower
The major market ETFs did an about face today as reports showed that economic activity is more or less entrenched in a sideways pattern. Additionally, caution remained ahead of tomorrow’s jobs report, which will be released prior to the market opening. The big report of the day, the ISM manufacturing index, showed that manufacturing is still growing, but at rate …
Damage Control For ETFs
The major index ETFs managed some damage control over the past week to reduce the losses sustained in the month of August to -5.65% for the S&P 500, which was its worst month since May 2010. It could have been a lot worse, as fears that the economy was headed back into a recession, along with worries about the European …
Speculation Rally Continues—Equity ETFs Inch Higher
Today’s rally received support after the August Fed meeting showed that some officials are in favor of another move that might boost the economy, although there was no overall consensus. A second assist came from the president of the Federal Reserve Bank of Chicago, who chimed in that he would back more stimulus efforts as well. Lovely; since QE-2 did …
Major Market ETFs In Recovery Mode
No negatives with any impact on the markets could be found today, as the major market ETFs shifted into recovery mode in part by driven by relief that Hurricane Irene’s damage appeared to be less than expected while, at the same time, consumer spending was stronger than expected. Adding to that bullish menu was renewed hope that the Fed may …