OTC: June 23, 2016 S&P 500/ SPY: The market voted today for Britain to remain in the EU produced a very strong rally trying to price in that result and if there is a surprise the other way it will be a big one.The PoundFXB {see chart below} also reflects this and oil was strong […]
OTC: June 22, 2016 S&P 500/ SPY: Its all about the “vote”as we get to decision day some nervous traders were able to sell a higher market this morning and at the close the indexes finished near unchanged levels. TheVIX went up a whopping 15% which shows how nervous it is getting about an out sized move coming on Friday morning. An […]
OTC: June 21, 2016 S&P 500/ SPY: Yellen spoke and the market just shrugged even after she said stocks are above their 3 decade median forward PE ratios and are vulnerable to a correction. This reminds me of when Greenspan uttered “irrational exuberance” and the market then when on to double. Traders are more focused on Thursdays vote in Britain and that […]
OTC: June 20, 2016 S&P 500/ SPY: The market is solely focused on the “Brexit” as this mornings gap higher was one of the bigger ones we have had this year all based on polls towards Thursday’s vote.The market could not hold the large gains just based on this and after last weeks action traders […]
OTC: June 19, 2016 S&P 500/ SPY: Happy father’s day as we head into another week highlighted by the big vote in Britain on whether to stay or leave the European Union. The outcome being in question ramps up the uncertainty of how will it effect the entire investment landscape and that causes selling in […]
OTC: June 16, 2016 S&P 500/ SPY: Who caught that buy on the dip? The overnight move in the Yen FXY {see chart below} caused a massive risk off trade lower this morning which based on the chart that was already in sell mode gave traders reason to think a test of lower support levels […]
OTC: June 15, 2016 S&P 500/ SPY: The Fed on hold was not a surprise but what was is the anger thrown their way as traders and commentators all conclude they have no idea what to do now after having the market believe rate hikes were coming traders are now pricing in almost no […]
OTC: June 14, 2016 Stocks slid for a fourth consecutive day as traders braced for the FOMC rate decision tomorrow. The S&P 500 finished off .18% but was down nearly .75% before catching a bid in the late afternoon. As has been the case recently, global weakness weighed heavily on our markets as selling in […]
OTC: June 13, 2016 Friday’s jitters spilled over into trading today as stocks sold off hard for a second consecutive day. The S&P 500 lost .81% while the Nasdaq continued to struggle relative to the other averages, finishing down .94%. The selling started overnight in Asia and continued through the early morning in Europe as global […]
OTC: June 12, 2016 S&P 500/ SPY: Global fears took hold at the end of last week as the “Brexit” vote nears in Europe causing more flight towards bonds which are at all time highs and record low yields in almost every country. This bought down stock markets in Europe and Asia and here we finally […]