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The market overcame a lot today – from a growth downgrade and inflation upgrade from the IMF, to a a spike in Treasury yields, and hawkish Fed-speak. At a virtual event by the Council on Foreign Relations (CFR) last night, St. Louis Fed President Bullard said of a Fed tightening cycle, “First of all, that […]Read More »
A continued decline in the price of crude oil and a decline in treasury yields was just what the market needed to rebound today. The decline in yields (mentioned as a possibility in the overnight section of last night’s Daily Wrap) was exactly what the growth stocks of the NASDAQ-100 needed to finally establish some […]Read More »
Although the ride has been bumpy, I’m pretty happy with last Friday’s Afternoon Update forecast for this week, “I do like the looks of the charts heading into next week to add to the relief rally’s rebound. There may be a brief consolidation fairly early in the week, but that’s a positive in my view […]Read More »
The holiday shortened week has already gotten off to a volatile start, but there are some signs of stability as the market finds some certainty in geopolitical tensions, which are not only high, but higher than they were this time last week. Today’s trading narrative was catalyzed by Russia’s decision to recognize the independence of […]Read More »
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This morning had similar tone to yesterday as S&P futures were near unchanged, but appeared to be consolidating in a bullishly biased correction. Once again, around the European close buyers stepped up, but unlike yesterday gains weren’t faded into the cash close, despite the fact that Treasury yields pushed higher. S&P futures (1m) bid up […]Read More »