[Chart courtesy of MarketWatch.com] Moving the markets Friday’s sour mood about a worsening recession carried over into today’s session, with only the Dow managing to glimpse above its unchanged line, while the S&P 500 and Nasdaq never saw any green numbers. The major indexes have now closed lower for the 4th day in a row and are in the red …
The Morning After: Recession Angst Grips Markets
[Chart courtesy of MarketWatch.com] Moving the markets Even though the Fed hiked rates as expected, a “morning after” hangover set in, as today’s poor retail sales confirmed current recessionary tendencies. Sales dropped -0.6% in November, which was twice the expectations of a -0.3% decline. US Industrial Production did not help matters, because it fell 0.2% MoM (0% expected) and dropped …
Fed Hike Creates A Choppy Ride
[Chart courtesy of MarketWatch.com] Moving the markets Fed head Powell came out and did the expected, namely hike rates by 0.5% to maintain the efforts of crushing inflation. However, the Fed also signaled that it will not only hike rates higher than traders had anticipated but also hold those rates higher for longer, a hawkish theme that I have pounced …
Thriving And Diving
[Chart courtesy of MarketWatch.com] Moving the markets After the release of the highly anticipated CPI report, which came in “cooler” than expected, the major indexes stormed ahead with the Dow scoring a quick 400-point gain. The S&P 500 recouped its 200-day M/A but gave back that “victory” later in the session. The CPI increased just +0.1% from the prior month …
Front Running The CPI Report
[Chart courtesy of MarketWatch.com] Moving the markets While moderate bullish sentiment dominated market direction throughout the day, traders decided to shift upward momentum into overdrive during the last hour of the session, thereby pushing equities sharply higher. The major indexes sported solid gains in the end, indicating that tomorrow’s CPI number is expected to come in lower than had been …
Bobbing And Weaving
[Chart courtesy of MarketWatch.com] Moving the markets After 4 days of declines, the major indexes vacillated around their respective unchanged lines and, despite several breakout attempts, nothing was gained or lost. The exception was gold, with the precious metal adding 1% and closing right at its $1,800 level. Worries about a worsening recession in 2023 remained on traders’ minds, along …