[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 …
Indecision Rules
[Chart courtesy of MarketWatch.com] Moving the markets The first trading day of 2023 turned into a bit of tug-of-war between bulls and bears, as an early bounce gave way to slow and steady selling, but a last hour rebound kept the damage to a minimum. The same stand-by problems like rising rates and high inflation continued to concern traders and …
A Sea Of Red
[Chart courtesy of MarketWatch.com] Moving the markets Despite a green opening, the bulls lost control in a hurry, as the bears took over and dominated the rest of the session as if to add insult to injury to a year that is shaping up to be the worst since 2008. The S&P is now on track to close 2022 with …
Directionless Meandering
[Chart courtesy of MarketWatch.com] Moving the markets Rising bond yields took center stage today and kept equities in a tight trading range, as the first of the last 4 days of trading in 2022 provided no ammunition for the bulls to try to end a brutal year on a positive. China’s loosening of Covid restrictions helped their stock market, but …
Bounce Back Wednesday
[Chart courtesy of MarketWatch.com] Moving the markets Upbeat earnings and robust consumer confidence data combined forces to pull the markets out of their doldrums and gave traders an excuse to push equities higher. Nike started things out by beating quarterly earnings and revenue expectations, as did FedEx with the company also announcing cost cutting plans. Consumer Confidence surged in December …
Eking Out A Small Gain
[Chart courtesy of MarketWatch.com] Moving the markets It wasn’t an impressive performance, but at least the markets managed to snap a 4-day losing streak by eking out a tiny gain in the face of sharply rising bond yields. Traders tried to shake off a surprise rate hike by the Bank of Japan (BoJ) and resigned themselves to the idea of …