Tag: Bitcoin (BITSTAMPUSD)

As we head into afternoon trading to end the week, the stock market is trading at or near the lows of the day after U.S. jobs fell by 701,000 in March, marking the worst jobs report since 2009, while the unemployment rate jumped to 4.4%. However, the report failed to capture the full extent of the economic blow being dealt with by the coronavirus outbreak. On Thursday, the Labor Department said jobless claims jumped by a record of 6.6 million for the week of March 27.

The DOW has been down over -2.5% on the day, with the S&P 500 losing -2.3% and the NASDAQ losing roughly -2.4%. After a brief mid-week bear market rally last week, the overall long-term downtrend has returned this week with the market posting a losing week, it's third in the previous four weeks.

The DOW will post a weekly loss over two percent at -3.3%, the S&P 500 checks in with a weekly loss of -2.5%, and the NASDAQ brings up the rear with a weekly loss of -2% as well. Continue reading "Loss Of Jobs Weighs Heavy On The Market" →

Stocks are ending the week on a sour note after experiencing a three-day rally mid-week that saw the three major indexes gain upwards of +13%. But was this a bear market rally? Or can the upward momentum continue?

What is a bear market rally, you ask? A bear market rally is a sharp short-term increase over days to weeks within a longer-term bear market. Often investors will see this short rally and think that a bottom has been put in and that the bear market is over. However, investors should be cautious as the downward market action will often return, catching investors out.

You may know these rallies by other names such as a "Sucker Rally" or a "Dead Cat Bounce."

The bear market rallies that began in 2000 and 2007 both gained more than 20% before coming to an end. The most massive bear market rally came Continue reading "Was This A Bear Market Rally?" →

Crude oil is trading below $20 after plunging over -23% on the final day of trading this week. In early trading, crude oil had been up trading higher, hitting a high of $27.89 before plummeting into the close. The reason for the plunge, social distancing, and border closings due to the coronavirus.

The coronavirus pandemic is demolishing crude oil demand in the United States as authorities encourage people to stay home and work from home while also discouraging domestic travel. Adding to that mandate is the closing of the U.S. - Canada, and U.S. - Mexico borders. Demand by the major economies in Europe, ranging from Italy, Spain, and France, are locked-down and unable to travel within their own countries and have advisories against traveling elsewhere. Continue reading "Crude Oil Plunges -23%" →

After posting the worst single day since 1987, the stock market bounced back with the best single day since 2008. Stocks ended the week with a furious and aggressive move higher into the close Friday with the DOW gaining 1,985 points or +9.3%. The S&P 500 and NASDAQ also surged +9.3% for the day.

However, that move higher did little to erase the weekly losses with the DOW closing down -10.3%, S&P 500 -8.7%, and the NASDAQ losing just over -8%. Why the extreme move in the final 30 minutes of trading? President Trump's news conference.

Speaking from the Rose Garden, Trump said, "To unleash the full power of the federal government, I am officially declaring a national emergency." Referring to that as "two very big words," he said it would allow him to quickly get $50 billion to states, territories and localities "in our shared fight against this disease."

With Dr. Anthony Fauci, Vice President Mike Pence, Health and Human Services Secretary Alex Azar and other members of his coronavirus task force members standing behind him, Trump said, "No resource will be spared - nothing whatsoever." Continue reading "Stocks Surge To Close Out The Week" →

Once again, the market opened lowered on the day, extending the losses from Thursday's session. However, we did have two days of +4% gains by the market, but that has been offset by three days of losses. And even though the losses feel like they added up this week, we are, in fact, relatively level on the week as far as the indexes are concerned.

The DOW fell 533 points, or -2.1%, cutting some of its morning losses. It had been down as much as 894 points at one point in the session. The S&P 500 and the NASDAQ also pared losses slightly, last down -2.5% and -2.6%, on the day, respectively.

However, if you take a look at the weekly levels, the DOW is clinging to a weekly gain of +.5% while the S%P 500 is down -.3%. The NASDAQ is feeling the most pain in the week, losing roughly -.8% as we head into afternoon trading. Continue reading "Turbulent Week Comes To An End" →