Short Term
This is the best 3-day rally since–ready for it–1931
Okay, you knew the punchline was coming. After dropping 11.9% in 1929 as the Crash and Great Depression got rolling, the Standard & Poor's 500 fell 28.5% in 1930. And then, in 1931, it staged that big short-term rally that we've just surpassed. After starting the...
Senate fails to pass coronavirus rescue bill as procedural vote fails
I've been operating on the assumption for the last week of so that the Senate in particular and Congress in general would, of course, pass a coronavirus rescue bill. (I have been calling it a "stimulus: bill but given how quickly the economy, unemployment, and small...
S&P 500 drops 15% for the week
Let me emphasize that "for the week." The storm of bad news continued today with the European Union saying that the 2020 recession in that bloc may be as bad as 2009. Goldman Sachs warned that the U.S. economy may shrink 24% year over year in the second quarter. Oil...
Credit markets “sell everything” call means Fed will have to eventually support everything
In the credit markets investors and traders are selling everything. Safe. Risky. Doesn't make any difference. And that's creating a potential shortage of dollars. When you sell corporate bonds, you take dollars out of the credit market. When companies draw down credit...
2351–the 2018 Christmas low–holds for another day
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Next big date for another dose of negative market sentiment? March 31
A casual walk to the grocery store this morning revealed a number of small coffee vendors and noodle shops in my neighborhood had gone a step beyond New York City's order to close restaurants and bars and coffee shops except for take out and delivery orders. These...Think the Fed got everyone’s attention with a Sunday night interest rate cut to 0%?
On Sunday night the Federal Reserve announced that it would cut interest rates to 0% (actually a policy range of 0% to 0.25%) from the current 1.00% to 1.25% range. The central bank will also resume its program of quantitative easing by buying at least $700 billion in...
Global political leaders roll out bigger guns against coronavirus financial crisis
U.S. stocks soared today as President Donald Trump and other global leaders threw the kitchen sink at the coronavirus financial crisis. The Standard & Poor's 500 closed at the best levels of the day--gaining 9.28%. The Dow Jones Industrial Average finished ahead...Will today’s rally hold though the close?
The Standard & Poor's 500 was up 4.66% at 1:53 p.m. New York time after opening up more than 5%. Since 1:53 level, however, the index has been gradually fading. As of 3 p.m. the gain for the day was down to 3.36%. The bounce this morning was very strong from...
Overnight Asian markets continue Thursday’s New York drop
In Japan futures on the Standard & Poor's 500 Index dropped 1.6% as of 10:25 a.m. in Tokyo. Asian stocks continued their own move lower. In Tokyo the Nikkei 225 index was down 8.62% as of 10:20 p.m. New York time (or 11:20 a.m. in Tokyo.) The Shanghai Composite,...
Fed rides to the rescue–and stocks are still down almost 8% at 2:30 p.m. in New York
The Federal Reserve announced this morning that it would inject $1.5 trillion into short-term bank to bank lending markets today and tomorrow. The U.S. central bank will offer $500 billion in a three-month repo operation at 1:30 p.m. and repeat the exercise tomorrow,...Jim’s Stock Alerts
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