Daily State of the Markets
Tit-for-Tat Fear Trumps Fundamental Backdrop
Here we go again. The market's biggest fear - a trade war with China (and others) - appears to be taking shape. At least that's what the 550-point dive in U.S. stock futures tell us this morning.
Some might have been encouraged by yesterday's rather surprising rebound of nearly 40…
Let's Keep This In Perspective
My how the game has changed. Hand wringing has turned into teeth gnashing. Concern has turned into worry. And confidence has turned to out-and-out fear. All in 44 trading days. Yes fans, in a span of just over two months, the mood of this market has changed - completely.
We've gon…
The Question Of The Day Is...
From my seat, the question of the day is whether or not we've seen the lows for the current corrective phase. I can actually argue both sides of this one as the indicator evidence has been and continues to be mixed. For example, the bulls argue that the declines seen since February's emot…
What We Learned
As usual, there was a fair amount of volatility following the Fed announcement yesterday. As usual, stocks spiked in both directions as the algos plowed through the statement and reacted to everything they found. And as usual, it took a few minutes for the humans to digest what Mr. Powell…
And Now We Wait...
And now we wait. For this afternoon's Fed meeting, that is. Make no mistake about it; while there is plenty of other "stuff" for traders to occupy their time with today, what Jay Powell and friends have to say about the economy, inflation, rates, "the runoff," and the now famous "dots" wi…
Here We Go Again
Well, here we go again. Just when I had described the recent five-day pullback as "orderly" all heck breaks loose and the stock market makes headlines again for producing big, red numbers.
As long-time readers know, I tend to obsess over the drivers of the stock market action. I f…
Both Teams Appear To Have An Argument
What a difference a week makes in this game, right? At this time last week, we were celebrating the "Goldilocks" economic data and the six-day run higher in stocks that pushed the NASDAQ Composite to a fresh all-time high. However, five days and four big, red candlesticks later, the enthu…
Goldilocks Is Alive And Well
I am running to the airport in a few minutes, so I'll keep this brief and to the point. While the narrative in the stock market can change in the blink of an eye, it appears that Friday's Jobs report put the bulls back in control of the game.
The key word being used to describe th…
The Most Interesting (Chart) In The World
As I may have mentioned a time or three, I don't usually write on Friday mornings. After penning an almost daily missive on the state of the market since the late 1990's, I figure I can a day off every now and again.
However, in running through my charts, I was struck by the curre…