[Chart courtesy of MarketWatch.com] Today, Wall Street witnessed a rollercoaster ride as the major indexes initially surged in response to the Federal Reserve’s decision to keep interest rates unchanged. However, this early enthusiasm gave way to disappointment as the S&P 500 and Nasdaq reversed course and ended the day in negative territory. Fed Chair Jerome Powell cited a “lack of …
Beware Of Narrow Breadth: Why This Rally Might Fail
[Chart courtesy of MarketWatch.com] Moving the markets The S&P 500 is close to its highest level in nine months, but don’t get too excited. This rally is driven by a few big stocks, while most of the market is lagging. That’s a sign of weakness, not strength, according to analyst Lance Roberts. He explains: Breadth is important. A rally on …
ETF Tracker Newsletter For May 19, 2023
ETF Tracker StatSheet You can view the latest version here. DEBT DEAL FLOPS, NASDAQ POPS, AND GOLD TOPS [Chart courtesy of MarketWatch.com] Moving the markets The markets went crazy this week, jumping up and down on every rumor of a debt ceiling deal. The Nasdaq (small caps) was especially nuts, soaring to new highs even as interest rates spiked. …
Markets Rally on Debt Deal Hopes, But Will It Last?
[Chart courtesy of MarketWatch.com] Moving the markets The markets were sluggish at first, but then they revved up their engines, as traders felt optimistic about a debt ceiling deal in the making. They were cheered by the words of speaker McCarthy, who said what Wall Street wanted to hear: “better progress”, “it’s possible to get a deal by the end …
Riding The Range
[Chart courtesy of MarketWatch.com] Moving the markets Last week’s moderate loss in the major indexes represented the S&P 500’s first two-week losing streak since February, with the overwhelming uncertainty being created by the ongoing debt ceiling negotiations. We’re stuck in no man’s land waiting for decisions to be made, so markets can gain some traction and stop treading water. In …
Sizzling And Fizzling
[Chart courtesy of MarketWatch.com] Moving the markets The markets stumbled into the first trading day of September with an early rally running out of steam, but the major indexes managed to stay close to their respective unchanged lines. The exception was the Nasdaq, which showed most of the staying power by not only remaining solidly in the green throughout the …