So with all the pomp and circumstance of the House Impeachment on Wednesday evening, the market and investors (around the world) could care less. The reaction that Nancy Pelosi had hoped for, never happened and in fact, investors met her head on and took the market higher in celebration of what they view as continuing [...]
It was so quiet in the markets yesterday, that there isn’t even a story about stocks on the front page of the WSJ… zero, zip, nada. That goes straight to the point. It is year end, stocks have done extremely well this year, investors are happy, economic data in the US and around the world [...]
Stocks managed to hold onto the recent gains (barely, but they did), closing higher for the fifth consecutive session. Strength in retailers (Consumer Discretionary (XLY)) continues as the holiday shopping season approaches the end. Banks (XLF), Tech (XLK), Communications (XLC), and even Utilities (XLU) were not far behind. Selling was seen in energy, consumer staples, [...]
The global economy is just fine. Chinese economic data (Industrial Output and Consumer Spending) is better than expected, causing economists at both UBS and Oxford Economics to raise their 2020 China GDP forecasts from 5.7% to 6%. US Markit Service AND Manufacturing PMI’s (Purchasing Managers Index) are both in expansion mode. Yesterday both of those [...]
Stocks rallied Friday morning as news of a trade deal hit the tape, futures surged. Asian markets were up 2+%, European market ended the day up 0.5% - 1%, and US markets ENDED the day flat. It was all good, at 9:30, the bell rang and it was off to the races. By 10:05 am, [...]
US announces that we have reached a “trade deal!” For the third time (or is it the fifth or sixth time?) But it is what it is and the market loves it. (Or at least the algos love it) The funny thing is that the algos aren’t aware that this has been a repeating headline [...]
Federal Reserve Keeps Interest Rates Steady, Sees Long Pause – WSJ 12/12/19 Jay Powell spoke and the markets embraced it. At the conference – Jay said: “Our economic outlook remains a favorable one”. And then indicated that the 10 members of the rate setting committee voted unanimously to leave rates unchanged for the next year. [...]
Stocks meandered most of the day, doing nothing really as investors/traders/algos sit and wait and wait and wait…for today’s FOMC (Federal Open Market Committee) rate announcement (no change) and Sunday’s trade deadline. There was plenty of other news: Nancy (Pelosi) and The Dems came to the table and agreed to administration terms that support the [...]
Friday’s job report was a winner, blowing the roof off the house by every measure and signaling continued strength in the US economy. It put to bed any idea that the supposed global weakening was affecting our economy. The report, which was expected to show 187k new jobs created in November, actually showed 266k new [...]
It was an uneventful day at 11 Wall St on Thursday. While stocks did end the day a bit higher, they are still down on the week, all as investors/traders/algos parse the headlines looking for some bit of info that may be the clue to what’s next. By the end of the day, the Dow [...]