Last Week: The song remained the same on Wall Street with a disconcerting level of COVID-19 cases and deaths combined with dysfunctional drama in D.C., somewhat offset by promising vaccine development announcements. The market experienced roller coaster daily swings that left the market slightly lower for the fourth week in a row, with the S&P 500 down -0.6%. Over the course of this September sell-off the market has declined -6.47%, essentially [...]
Last Week: Hot tech IPOs and renewed optimism on the development of COVID-19 vaccines provided a springboard for a rally in the markets on Monday and Tuesday, but Wednesday afternoon’s FOMC meeting poked the bears back into action. The Nasdaq 100 sank as much as 2.8% on Thursday, dragged down by a slump in the mega cap technology stocks that have powered this year’s rebound. The slide came after Fed policy [...]
Last Week: The Bears are back in action. On Wall Street the market labored to find its footing following the holiday weekend, with the S&P declining 2.5% to post its first back-to-back weekly loss in four months. The Tech sector had its worst week since March with the Nasdaq shedding 4.06%, but all ten sectors were in the red with the Energy sector posting a 6.86% loss as crude oil fell [...]
Last Week: At lunch on Friday I saw a band called “The Momentum Traders” singing a somber tune: Yesterday The market was such an easy game to play Now it looks as though might stocks might sway Oh, I believe in yesterday Suddenly My portfolio isn’t what it used to be There's a margin call hanging over me Oh, yesterday came suddenly Why Tesla had to go low, I don't know [...]