[Chart courtesy of MarketWatch.com] Moving the Markets It was a choppy session with macro data serving another notice that economic conditions are weakening, a theme I have been pounding on for quite some time. Today, things started with disappointing U.S productivity, the key to a high living standard, which declined at an annual pace of 0.6% for the 1st quarter …
Looking For Direction
[Chart courtesy of MarketWatch.com] Moving the Markets It was a mixed day with the major indexes looking for a catalyst that never materialized. Equities meandered, and only the Dow managed to eke out a meager gain of +0.04%. It’s been a sideways pattern with the S&P 500 closing 2,388, 2,387, 2,388, 2,384, 2,388, 2,391 and 2,387 over the past 7 …
Dismal Economic Data: Bonds Rally; Equities Inch Up
[Chart courtesy of MarketWatch.com] Moving the Markets Economic data point releases were anything but awe inspiring with auto sales looking “less like a plateau and more like debt-fueled bubble on the verge of an epic collapse,” as ZH succinctly put it. Even hope for an April surprise ended in disappointment as OEMs did not even come close to estimates. Other …
Tech Sector Saves The Day
[Chart courtesy of MarketWatch.com] Moving the Markets While the Nasdaq and S&P 500 hovered above their respective unchanged lines all day, the Dow see-sawed and dove into the close for a slight loss. The Nasdaq was the savior with a solid +0.73% gain, but it also threw an assist to the S&P thereby helping it to close in the green. …
Nasdaq Hits A New Record; Dow & S&P 500 Unchanged
[Chart courtesy of MarketWatch.com] Moving the Markets Earnings were in the spotlight and threw an assist to the Nasdaq pushing it into record territory, while the Dow and S&P 500 drifted and barely closed above the unchanged line. Despite the gains by companies like Comcast, PayPal and Intuit, the market had to deal with a menu of uncertainties (hat tip …
Diving Into The Close
[Chart courtesy of MarketWatch.com] Moving the Markets The old adage “buy the rumor and sell the fact” certainly rang true today as the upward momentum of the past couple of days continued early in the session in anticipation of Trump’s mother of all tax cuts. While the actual announcement confirmed some leaked information, some analysts considered the tax plan a …