May 19, 2017 | Daily JAM, Morning Briefing, Short Term, You Might Have Missed |
Last night I posted that today would be critical for this market’s buy on the dip reflex. Yesterday’s move up after the Wednesday rout wasn’t convincing. As long as traders and investors treat any dip as an occasion for buying, it will be difficult for this market to build up any downside momentum. So far, today’s market action is a very strong vote in favor of the continued working of the buy on the dip reflex.
May 18, 2017 | Daily JAM, Short Term |
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May 18, 2017 | Daily JAM |
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May 18, 2017 | Daily JAM |
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May 18, 2017 | Daily JAM, INCY, Stock Alerts |
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May 18, 2017 | Daily JAM, Morning Briefing |
Now it’s Brazil’s president who has been swept into a political scandal by a secret recording. Brazil’s O Globo, one of the country’s largest newspapers, reported Wednesday evening that the Supreme Court has a secret tape of a President Michel Temer endorsing a bribe payment. As of noon New York time the iShares MSCI Brazil ETF (EWZ) were down 15.97%. The iShares MSCI Emerging Markets ETF (EEM) was down 1.98%
May 17, 2017 | Daily JAM, Volatility |
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May 17, 2017 | Daily JAM, Stock Alerts |
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May 17, 2017 | Daily JAM, Morning Briefing, Short Term, Volatility |
This morning it looks like the combination of turmoil in Washington and some weak economic data have led traders and investors to take money out of risk assets and put money into safe havens. The Standard & Poor’s 500 was off 1.11% and the NASDAQ Composite, which has led this market higher, was down 1.6%. The German DAX Index was off 1.3% and the French CAC 40 Index fell 1.69%.
May 16, 2017 | Daily JAM, NKTR, Stock Alerts |
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May 16, 2017 | Daily JAM, Notes You Need |
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May 16, 2017 | Daily JAM, Morning Briefing, Short Term |
Add China to the list of those markets (oil being another example) where rhetoric is more important for setting market direction than data. Yesterday the Chinese government released generally disappointing economic numbers. Industrial output, for example, rose by 6.5% in April from April 2016. Economists were expecting growth of 7%.
