[Chart courtesy of MarketWatch.com] Moving the markets Again, the belief prevailed on Wall Street that the worst of the regional banking crisis is now in the rearview mirror, which caused traders and algos to push the major indexes higher for the second day in a row. Jobless claims dropped moderately but have not gone anywhere in four months, thereby supporting …
Is The Worst Of The Banking Crisis Over?
[Chart courtesy of MarketWatch.com] Moving the markets Judging by today’s rebound, it appears that traders and algos alike were no longer concerned with the state of the banking sector, nor if or when the Fed might shift into easing mode. None of it mattered, as sentiment maintained its bullish influence, with the S&P 500 reclaiming its 4,000 level—also helped by …
Fluctuating Below The Unchanged Line
[Chart courtesy of MarketWatch.com] Moving the markets Just like yesterday, climbing bond yields kept a lid on bullish sentiment, as the major indexes bounced around their respective unchanged lines before sauntering into red territory, where they closed with minor losses. The S&P and Nasdaq erased yesterday’s gains and never saw “green” during this session. There was no apparent driver …
Grinding And Churning
[Chart courtesy of MarketWatch.com] Moving the markets Apparently, traders found some encouragement from last week’s modest advances, as well as the fact that we made it through the weekend without another bank collapsing, so they pushed equities moderately higher, but the results were mixed, as the graph above shows. Never mind that Deutsche Bank (DB) and other fellow European bank …
Clawing Back—Then Collapsing
[Chart courtesy of MarketWatch.com] Moving the markets After the Fed pretty much met expectations yesterday with their latest policy on interest rates, which some saw as Powell being in the dovish camp, it was Treasury Secretary Yellen who stole the jam out of the bullish donut by clarifying that a broad increase in deposit insurance may not be in the …
Expectations Met—Markets Sell Off
[Chart courtesy of MarketWatch.com] Moving the markets Even though the Fed did exactly what was expected, namely hiking rates by only 0.25% to the 4.75%-5% target range and confirmed that Quantitative Tightening (QY) will continue as had been assumed, the markets reacted violently. Trying to spew some words of reassurance, Powell added: The U.S. banking system is sound and resilient. Recent developments …