WHAT THE MARKET WANTS: Market Searching for Support
Since the market ditched its typical Monday mania today, maybe we can escape the inevitable depression that has followed in its wake.
For five consecutive weeks, the market has started with an up-day only to tank for the rest of the week. Some have blamed the Monday upsurge on weekend manipulation of the futures market. If that’s the case, it didn’t work today. Overall, the S&P 500 has fallen from a high of 1150 on 1/19 to a low last week of 1044, losing approximately -9% from its high five weeks ago.
In contrast, I would expect this week to be a rather quiet one, as upcoming economic releases are somewhat muted. Only the trade balance on Tuesday, retail sales and weekly jobless claims on Thursday, and consumer sentiment on Friday are thought of as potential market movers. Read more…
