[Chart courtesy of MarketWatch.com] Moving the markets An early drop was followed by a mid-day pop, then momentum faded, and the Dow dove back into the red. The S&P 500 ended just about unchanged, but the Nasdaq ruled and closed in the green despite a total collapse in earnings. It appears that early optimism about the step-by-step re-opening of the …
ETF Tracker Newsletter For May 8, 2020
ETF Tracker StatSheet You can view the latest version here. MARKETS RALLY ON HORRIFIC ECONOMIC DATA [Chart courtesy of MarketWatch.com] Moving the markets See if this makes sense to you. Today’s data released by the U.S. Labor Department (BLS) showed that we now have the worst unemployment rate since the Great Depression with 14.7%, while 20.5 million are out …
Markets Defy Economic Reality
[Chart courtesy of MarketWatch.com] Moving the markets An early 400-point gain in the Dow got cut in half, but at least all three major indexes managed a green close. Jobless claims jumped by “only” 3.2 million in early May, which traders viewed as a slowing in job losses with some States now beginning to reopen their economies. The reality is …
Dumping Into The Close
[Chart courtesy of MarketWatch.com] Moving the markets It was a tug-of-war throughout the session, as an early rally died on the vine with two of the three major indexes diving into the red during the last 30 minutes. The exception was the Nasdaq, which managed to stay above the unchanged line but had to give up more than 50% of …
Optimism Reigns
[Chart courtesy of MarketWatch.com] Moving the markets An early rally got cut in half by the end of the session, when Fed Vice chairman Clarida opined that more support for the economy was needed, but he expects a rebound by next quarter, despite the current massive drop in unemployment and GDP. He noted: “More policy support will be needed from …
Trying To Find Some Footing
[Chart courtesy of MarketWatch.com] Moving the markets After a couple of down days in the equity markets, a bounce-back was in order, although the conditions were not favorable. Sunday’s news that Warren Buffett had sold all his airline stocks took a toll on the futures markets, which subsequently translated into a weak opening. The major indexes spent most of the …