You never know if a white knight can suddenly appear with enough powers to pull the major indexes out of a deep hole. That was the case today, as the S&P 500 was bouncing around its major support level of 1,140, which was briefly violated, when news broke that Italy is talking to Chinese Investors about buying some of its …
Fed Chief Disappoints – Major Market ETFs Slide
Yesterday’s rally ran into resistance, as an early bounce turned into an afternoon fade disappointing those that had hoped for more follow through to the upside. Fed Chief Bernanke’s speech sent the markets lower, as he offered no tangible details as to the assist he could provide in boosting the economy. Wall Street’s high expectations simply turned into disappointment. Unless, …
A Relief Rally For Equity ETFs
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 …