[Chart courtesy of MarketWatch.com] Moving the markets The futures markets jumped out of the gate, as Trump presented an upbeat outlook during Sunday evening’s press conference with officials in New York and Italy reporting notable declines in new cases and deaths: “We are beginning to see the glimmers of progress,” Pence said at a White House news conference on Sunday. …
ETF Tracker Newsletter For April 3, 2020
ETF Tracker StatSheet You can view the latest version here. A GLOOMY JOBS REPORT PENALIZES EQUITIES [Chart courtesy of MarketWatch.com] Moving the markets It could have been a lot worse with equities churning lower today, but thanks to Monday’s surge, the weekly effect was relatively minor with the S&P 500 “only” surrendering a modest -2%, which is tiny when …
Record Initial Jobless Claims—Markets Rally
[Chart courtesy of MarketWatch.com] Moving the markets The futures markets crashed into the red last night, despite a strong start to the session. The cause was another unprecedented surge in initial jobless claims, after last week’s record 3.3 million rise, but this week, we added 6.648 million for a two-week grand total of 10 million new people claiming unemployment benefits, …
No Bullish Meat On This Bone
[Chart courtesy of MarketWatch.com] Moving the markets As the worst quarter in history came to an end with a sell-off, the 2nd quarter started with a bang—but to the downside, leaving the always optimistic Wall Street players gasping. As Barron’s commented, today was the worst first day of a quarter—ever. That’s a lot of “worsts,” and they erased some 50% …
Ending A Miserable Quarter With A Sell-Off
[Chart courtesy of MarketWatch.com] Moving the markets An early rebound hit a brick wall, as this month/quarter turned out to be nothing but misery for the buy-and-hold crowd. To wit, during March, the major indexes lost big time with the S&P 500 plunging -12.5% vs. 0% for those who followed my trend tracking guidelines, which called for “all cash” effective …
Quarter-End Rebalancing Props Up Markets
[Chart courtesy of MarketWatch.com] Moving the markets Despite Trump’s announcement Sunday night that he had extended the social distancing guidelines through April 30th, which translates into a continued shutdown of food, entertainment and other service industries, you would not know it by today’s market reaction. After a sight opening dip, the bullish theme was maintained, and the major indexes were …