Midway through the most notorious month of the year (most dangerous has been September), due to the previous high profile market crashes, theres a sense of a turnaround.
The market continues its amazing resolve but its also still trading in a range and still seeking a catalyst to get a sustained move that would push the naysayers in a corner.
After a string of sessions marked by the market holding key support for three straight sessions before the remarkable reversal last Friday, and continuing yesterday, the spurt may run out of steam.
There is still much confusion over the jobs report, and the reaction on Friday. Those that boil the market down to its most simplistic aspects are rejoicing as they see the Fed holding pat.
Its become a life-and-death struggle for the market that has been the scorn of bears and shorts, and any number of assorted curmudgeons.
I think we have entered a new phase in the market where uncertainty is so thick on the economic front; with respect to the Fed, confidence is so low that the pain is unavoidable. However, relying on conventional wisdom, some folks are taking big wins off the table.
Yesterday, I checked out the trailer for the movie The Walk, the 1974 high-wire walk between the Twin Towers of the World Trade Center by French high-wire artist Philippe Petit.
A lack of interest in the stock market is a legitimate concern. Even as it moves higher on a daily basis, the rally was ignored and bullishness had never taken hold beyond Wall Street (and had fewer fans on the Street). What does it mean when investors are neither bullish nor bearish?
For any system to remain in place, it must be challenged from time to time from within and outside of its realm.
Not only is the lack of money a great source of evil and desperation, but its how great potential never evolves or dies on the vine. In the last couple of weeks, weve witnessed much of that in the political arena with the departure of Rick Perry and Scott Walker.
Well, if you thought Barack was bad for business, wait until you get Hillary. I followed up on a New York Times article that focused on a small biotech company that hiked the price of a drug from $13.50 to $700.
Last week began with hope and slight optimism, but it ended with anger and frustration. Ironically, it was the Feds decision to keep the punch bowl in place that crushed Wall Street.
I dont agree with the narrative that consumers are overwhelmingly confident because there hasn't been a dip in retail sales for six months.
On Wednesday, the market came out the gate with a fair amount of gusto only to watch the early rally fizzle in short order. The blame was laid squarely on the Federal Reserve and a potential rate hike. Yes, a hike next week rather than later this year or later this millennium. What was the reason for the sudden shift in sentiment?
It was a solid session for the market, which needed to come out with gusto after fading into the three-day weekend with its tail between its legs.
President Obama chose Labor Day as a backdrop for yet another executive order. This time, he made it official that government contractors must provide paid sick leave for all workers.
For all the blame were heaping on China, could its recent economic woes be more about the global economy than their miracle run of ghost cities and high-speed rail networks coming to an inevitable conclusion?
It was another tough session, but a walk in the park compared with the previous week. Investors are entering September musing about those lazy, hazy days of summer that never materialized last month.
Markets around the world traded higher last night as investors celebrated the thrilling rally into the close of the US markets.