The major indices started to drop in early trading. And it looked like a continuation of last week’s sell-off was in the works. But after opening red, selling stabilized. And an hour later, we quickly shot higher and rallied throughout the day. It looks like today’s rally was supported by comments from House Speaker Paul Ryan. Last week … Read more
The cryptocurrency markets continued their steady advance on Monday, with the majority of top 100-coins and tokens rising against the value of the US dollar — and none declining more than 10 percent. The day’s top performer was the Ripple price, which rose 17 percent to once again break past dollar parity, though several other … Read more
The PruLev Global Macro Fund gave up almost one-third of last year’s 52 percent gain in February, after being caught out by the return of volatility. The fund, the world’s best performer last year among macro funds with assets of more than $100 million, lost 16 percent, mainly from stock bets, according to preliminary figures … Read more
Stocks looked good in the morning, even though the data this morning wasn’t pretty. Pending Home Sales plunged 4.7% in January (massively below the 0.5% increase in sales that was expected) – this is the biggest drop since May 2010. Fast forward to around 2:00 PM and the indices completely let it go. It was a straight … Read more
Stocks were hammered after Fed Chair Jerome Powell’s testimony today. The new Fed Chair delivered his first semiannual testimony in front of the House Financial Services Committee this morning. And stocks were higher in early trading as traders digested Powell’s prepared remarks. In his prepared comments, Powell said that he expects gradual rate increases. And an hour into … Read more
The cryptocurrency market cap gained $30 billion on Tuesday, bolstered by a comprehensive advance that saw more than 80 of the 100 largest coins and tokens rise against the value of the US dollar. The Bitcoin price was the day’s headliner, soaring 10 percent to threaten the $11,000 threshold, but a number of other cryptocurrencies … Read more
What correction? After back-to-back winning days, the major indices are making a run, trying to erase February’s losses. In terms of price action, traders were buying all day long. Even General Electric (GE) joined the rally after a getting slammed in the morning on news that they’re restating 2 years of earnings. With today’s gains, the NASDAQ has erased … Read more
Traders had Monday off with Markets closed for Presidents’ Day. But the short week didn’t help stocks, at least early on in the week. On Tuesday, the major indices struggled. And the DOW led the major indices lower with a 1.0% loss. All eyes were on the FOMC Meeting Minutes on Wednesday. The minutes were a little dated since … Read more
James Altucher is renowned for many things and in the context of frenzied activity in the cryptocurrency space, his name is synonymous with the paid newsletters that he sells to avid netizens who are keen on learning the ways to claim a share of the crypto pie. You can see those skillfully crafted newsletters nearly everywhere … Read more
Highs at the open, lows by the close. That’s the trend over the past few days. Things looked good early on. And the S&P was at 2,730 around noon. But after grinding higher into the afternoon, the S&P gave it all back and closed at 2,704. The NASDAQ has been the leader this week…But not today. After a volatile day and 80 point … Read more