[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 …
Grinding Back To The Unchanged Line
[Chart courtesy of MarketWatch.com] Moving the Markets Two things pulled the rug out from early positive momentum at the opening. One, disappointing March auto sales, which should not have come as a surprise given the gigantic slip in retail sales including some 3,500 announced store closings, and two, the topic I have been pounding on lately, namely that questions about …
The Rally Continues: Low Interest Rates Are Good News And… High Interest Rates Are Good News
[Chart courtesy of MarketWatch.com] Moving the Markets All eyes were on the Fed today, or more specifically Janet Yellen’s testimony before the U.S. senate banking committee. Among much jawboning Yellen warned that “waiting too long to remove accommodation would be unwise,” along with this bon mot that “at our upcoming meetings, the committee will evaluate whether employment and inflation are …
Eking Out A Small Gain
[Chart courtesy of MarketWatch.com] Moving the Markets Mixed earnings and slipping bank stocks put a damper on the major indexes, which started the session below the unchanged line. This would normally be the time in the quarter where earnings are front and center, but not this time; the rally has stagnated recently, as Wall Street prefers to look for more …
Hawkish Comment Equals Uncertainty
[Chart courtesy of MarketWatch.com] Moving the Markets An early euphoric bounce, which pushed the Dow and Nasdaq to new intra-day highs faded and then took a nose-dive below the unchanged line before recovering slightly into the close. The morning strength was caused by the US dollar rallying sharply as hawkish comments from one of the Fed’s mouthpieces indicated that “March …
Dow Slices Through The 20,000 Milestone Marker
[Chart courtesy of MarketWatch.com] Moving the Markets It seemed like forever, but it’s been only 28 days of treading water before upward momentum was sufficient enough to conquer the 20k milestone. Looking back to the 800 plus point drop in the Dow during election night, which appeared to signal a return to bear market territory, it’s been a truly remarkable …