[Chart courtesy of MarketWatch.com] Moving the markets Bank earnings took front and center, as Morgan Stanley posted better-than-expected numbers, thereby pushing up its stock price +6%. However, banking powerhouse Goldman Sachs reported its worst earnings miss in a decade, with its stock price being pummeled at the tune of -6%. JPM’s and Citigroup’s results were mixed. As a result, the …
Gambling On A Positive CPI Report
[Chart courtesy of MarketWatch.com] Moving the markets Stocks resumed their Ramp-A-Thon into tomorrow’s CPI report, as traders were betting that Thursday’s inflation data will present validation of a decelerating trend. Confidence reigned supreme that the Fed’s rate hikes had their planned impact and that a policy reversal might be on deck, as “the Fed will cave” story gained momentum. While …
Finding Support
[Chart courtesy of MarketWatch.com] Moving the markets After much bobbing and weaving, the major indexes found some footing and closed in the green led by the Nasdaq with a 1% gain. Upcoming economic data points and corporate earnings later this week kept the rally in check. All eyes were on Fed head Powell’s speech this morning and, as ZeroHedge pointed …
Thriving And Diving
[Chart courtesy of MarketWatch.com] Moving the markets A continuation of Friday’s rally hit a overhead resistance, with the major indexes reversing direction and plunging below their respective unchanged lines. The exception was the Nasdaq, which managed to hang on to a +0.63% gain, as traders scooped up some of the beaten-up shares like Tesla. Optimism ruled, compared to the end …
Swinging The Other Way
[Chart courtesy of MarketWatch.com] Moving the markets Yesterday’s rally of hope hit a brick wall this morning, as the markets appeared unable to string a couple of winning sessions together, thereby still being stuck trading in a broad trading range. Good news was bad news again when ADP’s private payroll report showed that 235k jobs were added in December, which …
An Early Rally Hits The Skids
[Chart courtesy of MarketWatch.com] Moving the markets An early rally seemed to hit a brick wall, reversed, and headed south, but the major indexes bounced off their respective trend lines and closed the session in the green. The culprit for this reversal was the release of the Fed’s latest meeting minutes (December), which showed that the bank will continue with …