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 …
ETF Tracker Newsletter For April 10, 2020
ETF Tracker StatSheet You can view the latest version here. MARKETS IGNORE MOUNTAINS OF BAD NEWS [Chart courtesy of MarketWatch.com] Moving the markets The creation of rumors is one of the oldest tricks in the financial playbook to send markets in a desired direction. Such was the case last night in the futures markets, when original reports that the …
Jobless Claims Soar—Markets Dump And Pump
Jobless Claims Soar—Markets Dump And Pump [Chart courtesy of MarketWatch.com] Moving the markets The major indexes went on another roller coaster ride but managed to eke out a green close. Today’s jobless numbers were almost as bad as last week’s with 5.245 million new filings for unemployment benefits, but at least this was in line with expectations. However, when looking …
Reality Strikes Markets—Earnings And Econ Data Slammed
[Chart courtesy of MarketWatch.com] Moving the markets Even the news scanning computer algos could not prevent an early market dump, as a variety of headlines confirmed what had been feared most, namely, an economic breakdown in a variety of sectors. Here’s a random capture of titles that caught my attention: Homebuilder Sentiment Collapses As Mortgage Purchase Apps Plunge To Lowest …
Hope Of A Reopening Economy Powers Markets
[Chart courtesy of MarketWatch.com] Moving the markets Hope of a reopening of the economy kept the bullish theme alive with the computer algos feasting on the latest news that the worst human toll of the coronavirus may have passed. ZeroHedge summed it up like this: In case stocks needed another reason to soar higher with 20% unemployment, 30% mortgage defaults, …