Stocks fluctuated between losses and gains on Thursday, on a day that saw Asian and European markets come under pressure as well after China announced a revision to the way they diagnose the virus. causing the number of confirmed cases soaring. It sounds worse than it is. Apparently, after the WHO (World Health Org) said [...]
**Breaking news overnight – Markets under pressure! The outlook worsens! ** Hubei Province in China announces 15k NEW cases and 130 additional deaths caused by COVID19 and extends work ban through February 20th. Total cases in China rise to 60k and deaths rise to 1400. Beijing removes two officials in Hubei Province for what they [...]
In yesterday’s Humphrey Hawkins testimony, Fed Chair Jay Powell told the House Financial Services committee that the Fed: “…is closely monitoring the coronavirus situation for a potential hit to China and the global economy.” Telling those same members of Congress that: “…too early to say how the coronavirus will ultimately impact the US economy.” [...]
The momo guys (momentum) were at it again. While the headlines are still fairly concerning, the momo guys are completely ignoring it, choosing instead to focus on the robust US macro data, which is ok, until it isn’t but we’ll discuss that in a bit… sending both the S&P and Nasdaq to new all-time highs. [...]
Stocks surged higher all week and then sold off on Friday as investors/traders/algos took a breather, locking in some gains after seeing the indexes surge more than 3% each as “fear” over the coronavirus subsided. It reared its ugly head again on Friday, which makes sense as we went into the weekend. Market participants (mostly [...]
Stocks continue to surge, as if there will “never be a down day” again. News that China is cutting tariffs caught everyone a bit off guard, leaving more room for the algos to take the market higher. Now, is it me or does it appear to be a coincidence that China announced the cuts on [...]
Stocks continue the rally, taking the indexes higher yet again as investors/traders and algos don’t seem to care at all about the coronavirus at all. In fact, what I find very funny this morning is a quote in Wall Street Journal by RBC’s Global Macro Strategist, Peter Schaffrik: “The story in the market is the [...]
Let’s recap – just to make sure we are all on the same page: Friday night, US Stocks get slammed, falling more than 600 pts and sending warning signals that the coronavirus was getting worse. All day pundits on TV telling investors/traders to sit back, that this was different this time. It was not like [...]
Chinese stocks, which got slammed on Monday, wiping out nearly $720 billion worth of value, did a complete 180 and rallied as a new day dawned over the region, reacting to the surge in shares out of Europe and the US on Monday. Overnight, investors/traders and algos attempted to make sense of the plunge that [...]
MARKET MELTDOWN 2020! (or is that a bit too dramatic?)US Markets went into melt down mode on Friday – the Dow giving up 603 pts or 2.03% on the day, closing close to but not on the lows. The S&P…Continue →