[Chart courtesy of MarketWatch.com] Moving the markets While the initial morning rebound faded mid-day, buyers stepped in subsequently and pushed the major indexes out of the doldrums and into a solid green close. Helping matters was China stabilizing the problem child that caused yesterday’s panic selling, namely the Juan. The PBOC (China’s main bank) fixed the Juan at 6.9683 per …
China Retaliates—Global Markets Get Clobbered—Stocks Plunge Most In 2019
[Chart courtesy of MarketWatch.com] Moving the markets The basic law of physics tells us that any ‘action’ is followed by an equal or greater ‘reaction.’ This became very clear today when, after Trump’s threat of additional tariffs last week, the Chinese retaliated by letting their currency, the Juan, float freely by removing the US dollar peg. The Juan dropped to …
ETF Tracker Newsletter For August 2, 2019
ETF Tracker StatSheet You can view the latest version here. STARTING AUGUST IN A SEA OF RED [Chart courtesy of MarketWatch.com] Moving the markets Equities spent most of their day surrounded by a sea of red, thanks in part to further fallout from the Fed cutting rates by “only” 0.25%. The bigger impact, however, came from the follow through …
The Circus Continues: When Terrible News Is Good News; And Bad News Is Bad News
[Chart courtesy of MarketWatch.com] Moving the markets Sometimes you just have to laugh out load. Today was such a day, as data showing that US Manufacturing dropped to its weakest in 10 years, or more specifically since September 2009. One analyst suggested that the goods producing sector is “on course to act as a significant drag on the economy in …
Fed Cuts Rates But Disappoints Wall Street—Markets Tank
[Chart courtesy of MarketWatch.com] Moving the markets The Fed did what was expected by cutting interest rates by 0.25% for the first time in 11 years. Of course, on Wall Street, expectations don’t mean much, unless you beat them. The Fed failed to do that, and the markets tanked with the Dow at one point being down some 400 points. …
Slumping On Weak Earnings
[Chart courtesy of MarketWatch.com] Moving the markets While the major indexes recovered form an early session dump, they pretty much repeated yesterday’s theme by slipping and sliding below the unchanged line without much directional conviction. A mixed earnings picture today, along with some negative tweets from Trump regarding a possible China deal, added to today’s uncertainty and kept equities in …