All posts by Michael Comeau
T3’s Market Wrap: The Bulls Go to War With the Trade War
Yesterday, trader suddenly felt the heat of the so-called trade war as volatility spiked and stocks got clobbered. Today, the bulls fought back following a mixed start to the day. Late this morning, we saw: The bulls liking: -The fact that the indices were positive -The Russell 2000 looked ready to hit morning highs -Positive […]
Continue Reading -->T3’s Market Wrap: The Art of the Trade War
It’s official. Traders care about trade wars. It feels like we’re past the “they’re just negotiating in public” phase and now there’s worry about a real impact. Stocks got clobbered today as the news flow heated up. Reuters reported that the US Treasury Department would block companies with 25% Chinese ownership from buying US technology companies. […]
Continue Reading -->T3’s Market Wrap: RussellTech Leaves a Question Mark
Crude oil prices ripped today after OPEC made a deal to lift oil output. That gave the energy complex, particularly the volatile oil services names, a big boost. The strength in energy helped the Dow Jones Industrial Average get into the green after an 8 day losing streak. If today was down, it would mark […]
Continue Reading -->T3’s Market Wrap: Traders Get Hit by a Mercedes
German automaker Daimler cut its earnings forecast due to global trade tensions. The company said US sales of Mercedes-Benz SUV’s would be hurt by import tariffs. This felt like a big test for the market. If stocks could shake off the news and simply proceed higher, it would be evidence that traders just don’t care […]
Continue Reading -->T3’s Market Wrap: RussellTech Rules, Traders Forget Trade Fears
‘RussellTech’ is still rocking hard as traders forget about the alleged trader war with China. RussellTech is my pet name for the Russell 2000/Tech/Biotech combo that’s been making the bears cry cry this month. The Russell 2000 made a fresh record high for the third day in a row. Wow! And the Nasdaq gapped up at the […]
Continue Reading -->T3’s Market Wrap: Fear of Trade Wars? Not Over Here
Stocks slid today as trade tensions took over the tape. President Trump threatened tariffs on another $200 billion worth of Chinese goods, which massacred the Shanghai Composite Index, which hit multi-year lows below the 3,000 mark. According to Bloomberg News,1,023 stocks in the Shanghai fell 10% or more. US markets had smaller losses, but who knows […]
Continue Reading -->T3’s Market Wrap: The Russell 2000 Acts Like It’s Gonna Hit 2000
Stocks were weak early on as fears of a trade war between the US and China escalated. On Friday, President Trump announced $50 billion in tariffs on Chinese imports, which had China saying it would retaliate. However, the negativity didn’t last, and stocks came well off the lows. And in fact, the Russell 2000 defied the […]
Continue Reading -->T3’s Market Wrap: Tariff Time and the Gold Scold
President Trump announced tariffs on $50 billion worth of Chinese imports, saying “The United States can no longer tolerate losing our technology and intellectual property through unfair economic practices.” China said it would strike back. Trump said he would add on another $100 billion if China retaliated. The US dollar fell against the yen in […]
Continue Reading -->T3’s Market Wrap: Euro Drops, RussellTech Rises
The euro fell hard against the US dollar today after the European Central Bank said it would not raise rates until the middle of next year. The ECB also said it would end its quantitative easing program by the end of 2018. European stocks came off their lows, posting modest gains on the day. In […]
Continue Reading -->T3’s Market Wrap: Netflix Flyin’ High on Fed Day
The Producer Price Index jumped 3.1% year-over-year in May, which was well ahead of the 2.8% consensus. This was the biggest increase in 6-and-a-half years, according to Reuters. The increase in the PPI is sign of growing inflationary pressures, primarily because of rising gasoline prices and higher prices for services. Excluding food and energy, the PPI […]
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