Afternoon Rally Starts June With A Bang

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[Chart courtesy of MarketWatch.com] Moving the Markets Private sector hiring as reported by ADP, which added a seasonally adjusted and bigger–than-expected 253k rise in employment for May, set the tone for the market, as the major indexes climbed steadily above the unchanged line and into record territory. As has been the case in the recent past, negative news like US …

Bouncing Off The Lows

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[Chart courtesy of MarketWatch.com] Moving the Markets Despite the major indexes closing at their lows of yesterday’s session, downside follow through was contained, and a rebound rally materialized but faded into the close. Nevertheless, equities managed to squeeze out some modest gains despite a bloodbath in the Brazilian stock market with EWZ getting spanked at the tune of -16.33%. Ouch! …

Uncertainty Reigns; Dollar Gets Pummeled

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[Chart courtesy of MarketWatch.com] Moving the Markets Uncertainty and volatility reigned supreme as Secretary of State Tillerson’s meeting in Russia initially generated a small relief rally in the dollar with bond yields shooting higher. Then the hammer came down as Trump commented on a variety of issues including China and the overvalued US dollar. That was all it took, and …

Banks & Stocks Bleed While Gold Shines

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[Chart courtesy of MarketWatch.com] Moving the Markets An early rally attempt driven by Apple reaching new all-time highs was rebuffed in a hurry, as worries surfaced that Trump may not be able to deliver on his promised tax cuts as quickly as had been assumed, an assumption that has been the reckless driver of the market in recent months. Right …