[Chart courtesy of MarketWatch.com] 1. Moving the markets I had to laugh this morning, when I saw the early market spike explained as having been a grammatical error. According to an early CNBC headline saying that Treasury Secretary Mnuchin said a trade deal “IS” 90% complete, and repeated by Bloomberg, pushed the computer algos into buying mode. As it turned …
Skidding Lower As Fed Disappoints
[Chart courtesy of MarketWatch.com] 1. Moving the markets While equity markets can’t get enough dovishness from the Fed, to keep the rally going, today we saw some disappointment kick in, as traders translated the Fed’s comments as too hawkish. Fed chief Powell offered a “wait-and-see” posture on interest rates, which means that they prefer to continue monitoring the economy for …
Losing Some Altitude
[Chart courtesy of MarketWatch.com] 1. Moving the markets As was to be expected, the major indexes wandered aimlessly slightly above and below their respective unchanged lines with only the Dow being able to eke out a green close. With no news from the Fed expected, and the G-20 meeting on deck next weekend in Japan, we may seem some more …
Rate Cut Expectations Soar—And So Does The Market
[Chart courtesy of MarketWatch.com] 1. Moving the markets After sleeping on the Fed’s statement on interest rates, Wall Street traders decided that the Fed left the door somewhat open to a rate cut. As a result, expectations soared from 80% to 100% that the Fed will “cut” in July. That was enough for the major indexes to gap higher at …
Markets Drift, Then Shift Modestly Higher
[Chart courtesy of MarketWatch.com] 1. Moving the markets One of the most eagerly watched events, namely the Fed’s verdict on interest rates, came and went without much of a market hiccup. A gentle early slide gave way to a modest bounce late in the session, with the major indexes notching another green close and moving within striking distance of taking …
Trump Dangles The ‘Trade Carrot’—Markets Pump
[Chart courtesy of MarketWatch.com] 1. Moving the markets Trump got the markets pumping this morning after tweeting that there will be an “extended meeting” with China’s Xi at the upcoming G-20 meeting in Japan. Bloomberg also added that the two leaders had confirmed a plan for meeting on the sidelines. That was enough hype for the headline-scanning computer algos to …