January 15, 2020
As the indexes and leading stocks get further extended, the likelihood of a pullback intuitively increases. Given how far things have come since the early-October lows, a reasonable excuse can easily trigger some selling as we saw yesterday. Then, it was reported that the U.S. would not be rolling back previously imposed tariffs on China now that the Phase One deal was in the books.
A rally... Read More
January 12, 2020
The Force has been strong in this market (yes, I did just go see the latest Star Wars movie), and new highs have been the order of the day once the headwinds presented by the short-term Iran Crisis blew over. That all sent the NASDAQ Composite Index and the other major market indexes to all-time highs on Thursday.
On Friday, the indexes ran out of... Read More
January 8, 2020
The market started the week off with another gap-down open with the same result. A downside gap in the morning provided a long-entry opportunity near the open and the market then slugged its way back to the upside from there. In essence, by Monday’s close it appeared that the market was entirely shrugging off any geopolitical risk.
Yesterday the market seemed to be sensing something was... Read More
January 5, 2020
The 2020 trading year has started out as a two-day microcosm of what made 2019 so much fun. News of more QE from the Chinese central bank sent the market shooting higher on Thursday, and then news of the U.S. taking out a top-level Iranian commander in Iraq overnight on Thursday sent it skidding back in the other direction.
The action on Friday was not as bad as it started out to be overnight... Read More
January 1, 2020
The indexes sputtered into year-end with the NASDAQ Composite Index selling off for two days in a row off the all-time highs before finding support at the 10-dma on Tuesday. Volume was higher on the final trading day of the year, giving the day the look of supporting action at the line. So far, just a bout of year-end profit-taking.
... Read More