[Chart courtesy of MarketWatch.com] Moving the markets Despite weakness in the futures markets, the computer algos went to work this morning by pushing the major indexes to another green close with the S&P 500 gaining around +1.4%, while crude oil dumped -23%. We saw two assists supporting equities. One came from a giant short squeeze causing US stocks to surge, …
ETF Tracker Newsletter For April 24, 2020
ETF Tracker StatSheet You can view the latest version here. UP FOR THE DAY—DOWN FOR THE WEEK [Chart courtesy of MarketWatch.com] Moving the markets Despite a late-day pump to wipe out some of this week’s losses, the major indexes managed a green close for the session but ended down for the week, with the S&P 500 surrendering a modest …
Popping and Dropping
[Chart courtesy of MarketWatch.com] Moving the markets Optimists got a slap in the face, as reports of the greatly hyped experimental coronavirus drug Remdesivir, by Gilead, delivered disappointing results in clinical trials. That was enough of a downer for the markets to buckle, and the early gains were slowly wiped out, despite attempts to revive the bullish theme. Looking at …
Snapping A 2-Day Slide
Snapping A 2-Day Slide [Chart courtesy of MarketWatch.com] Moving the markets After a 2-day slide, the markets found some footing via temporary stabilization of the oil market, some better-than-expected earnings reports, and anticipation that Congress will produce another stimulus package, maybe this time without much bickering. Getting things started, and preventing oil from slipping further, were announcements by the administration …
The Bearish Beat Goes On
After yesterday’s historic crash in oil prices, which pulled down equities as well, the pain did not stop today, as the major indexes got clobbered again with the S&P 500 surrendering over 3%. Apparently, even the headline scanning computer algos were confused as oil prices recovered some, but remain crushed, while earnings reports and additional congressional aid for businesses were …
May’s Crude Oil Contract Crashes 300% Into Negative Territory—Will Equities Follow?
[Chart courtesy of MarketWatch.com] Moving the markets I had to look at the chart several times before realizing that May crude oil had crashed over 300%, as of this writing, into negative territory, and a barrel of WTI settled at a price of MINUS $37. In other words, a seller was willing to pay a buyer that very $37—just to …