The fireworks seem to be over, for now at least. There are still some underlying issues in the market, some uncertainty. A look at median spreads shows they’re some of the widest in years right now, which says liquidity is low and suggests market-makers are cautious. No surprises there. That said, t
All Quiet on the Western Front was a semi-autobiographical novel written about World War I from the perspective of a young German soldier who dies a month before the end of the war, on the very same day his superiors report “all quiet on the Western Front.” As I think about the bulls’ perspective on
The markets closed up today, nearly 2%, which would be nice if this were anything like a normal market. But I’m here to tell you, these gains - 2%, 1%, 5% - don’t mean a thing. We’re going to spend some time talking about price action, sure, but that has to take a back seat
There’s a lot to talk about tonight. Earnings, for one; we’ve got some big, systemically important banks set to report starting tomorrow. And unless you’ve been hiding out up on a mountain somewhere, you know this earnings season is going to unfold against a historically volatile backdrop, with some
“A 90-day pause” on tariffs was the secret sauce. That was all it took for majorly beaten-down stocks to go ballistic this afternoon, anywhere from 6.4% to 9.3% by 3 PM. (Don’t get comfortable - more on that in a minute.) More than 75 U.S. trading partners caught a break, but there’s one country tha
There’s no need to complicate things, no reason to sugarcoat it… It’s a rout. Stocks are in an unambiguous bear trend right now. Copper and oil are breaking down; this tape has “recession” written all over it. Overseas, Chinese firms are planning buybacks to keep their bull running, and it looks lik
Today we got something that seemed like a “normal” selling day with only two sectors down more than 2%. This seems a little ridiculous in perspective, given the lack of volatility for the past couple of years, but it’s definitely an improvement at a time when the VIX hits a 60-handle. Tempting, then
China just punched back, and for stocks it was a body blow. We’re closing out an absolutely epic trading day - trading week, in fact. In the chart I’m going to show you in a second, you can see U.S. stocks plummeting right into the storm. I’m talking about the second straight day of powerful,
We knew the markets probably weren’t going to respond well to the tariffs, but the breadth and depth of them provoked a virtual instant selloff in aftermarket trading yesterday. To give you an idea of the ferocity there, NQ futures were halted at one point Wednesday evening. That spilled over into t
