Posts by Mike Verity

Stocks gapped up at the open despite weak manufacturing data (see below). Currently, the Dow is up 570 points and the S&P 500 is up 2.7%. All eleven major market sectors are in the green, led by consumer discretionary, real estate, and communications. The VIX Index edged down to 31, still considered elevated. Most commodities…

Major stock market averages opened slightly higher, but quickly gave way. Currently, the Dow is down 285 points and the S&P 500 is down 1.8%. So at the moment we’re not seeing follow-through from yesterday’s rally. Earnings season is in focus (see below). The Census Bureau released US retail sales data for September. A Bloomberg…

Stocks fell at the open today after a hotter than expected inflation report (see below). Just as abruptly, however, they turned around. Currently, the Dow is up 690 points, and the S&P is up 1.9%. The VIX fear gauge actually fell back to 31.8 from 33.6 in early trading. Gold and the dollar are both…

Stocks are holding their own today despite a rather hot inflation report (see below). The Dow is up 60 points; the S&P 500 and Nasdaq are flat. The VIX Index, which uses options to gauge fear among traders, is at its highest level since mid-June. Traders are likely worried about earnings season, which kicked off…

Stocks opened lower this morning, but quickly turned around. Currently, the Dow is up 22 points and the S&P 500 is down .3%. Most commodities are trading lower. WTI crude edged back below $91/barrel. Bonds continue to sell off, sending yields higher. The 2-year Treasury Note yield ticked up to 4.31%. Out of nowhere, two…

Stocks fell at the open after the Bureau of Labor Statistics released its latest jobs report (see below). At the moment, the Dow is down 590 points and the S&P is down 2.6%. Bonds sold off this morning as interest rate expectations rose. Traders are busy baking in more Fed rate hikes. The 2-year Treasury…

Stocks opened lower this morning, but quickly turned around. At the moment, the Dow is down only 110 points and the S&P 500 is down .6%. The energy sector is bucking the trend, up 1.3%, on higher oil prices (see below). Bonds are selling off across the board, allowing yields to float higher. WTI crude…

Stocks popped at the open (Dow +700 pts; SPX +2.6%) today. The VIX fear gauge fell back under 30, the dollar is finally weakening a bit, and commodities are roaring back in early trading. WTI crude oil bounced from $79/barrel to $86/barrel over the last two days as OPEC considers production cuts. Yesterday’s stock rally…

Stocks tried to rally in early trading, but then gave way. The Dow and S&P are down about .5%. Both indexes re-tested their mid-June lows and failed this week. That seems to set up for a run lower in order to price-in risk of recession. The bond market is mixed today with long-term Treasuries sagging…