All posts by Todd Mitchell

Bulls Regain Momentum for the Week

U.S. markets showed continued follow thru following the turnaround off the previous session lows with the major indexes posting strong gains and recovering near-term resistance levels. The rebound in global bond yields helped sentiment as concerns over slowing economic growth slightly eased.The gains helped recover roughly half of Monday’s steep losses with the Nasdaq and […]

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Oil Regains Ground as Saudis Discuss Crude-Market Intervention

G20 Summit

Oil clawed back some losses after Saudi Arabia contacted fellow crude producers to discuss ways to halt the slide in prices. Futures in New York rose 2.4% in after-hours trading from Wednesday’s settlement. Bloomberg News reported the Saudis have decided the market slump is intolerable and all options are on the table, according to a kingdom […]

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Dow closes little changed after rally back from 589-point drop in wild session

stock market correction

The Dow Jones Industrial Average recovered the bulk of a nearly 600-point drop on Wednesday as a sharp decline in bond yields stabilized to temper worries over slowing economic growth. The 30-stock index closed 22.45 points lower, or 0.1% at 26,007.07. At its lows of the day, the Dow had fallen more 589.13 points. The Nasdaq […]

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Bulls Recover From Opening Blow

U.S. markets resumed their recent downtrend on Wednesday’s open following turmoil in the bond market and the 10-year treasury yield. The benchmark rate briefly dipped below 1.6% intraday to hit a 2016 low while pushing the major indexes towards near-term support levels.The rebound afterwards was impressive as higher highs than the previous session were made […]

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Brace for a 2nd wave in stock-market volatility — and this one could be ‘Lehman-like,’ says Nomura

volatility

Any bounce is ‘best treated as an opportunity to sell in preparation for the second wave of volatility’ expected in late August or early September A rally in stocks on Tuesday may take shape after an ugly Monday selloff, but any rebound ought to be treated with a heavy dose of skepticism, and as preparation for […]

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Walgreens to close 200 US stores

Walgreens plans to shutter 200 stores in the U.S. as the company pares back its locations in the U.K., the company said Tuesday.Parent company Walgreens Boots Alliance earlier this year announced plans to shutter 200 stores in the U.K. and review its U.S. footprint.The new store closures represent less than 3% of its 10,000 locations […]

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Bullish Rebound Unimpressive

U.S. markets

U.S. markets rebounded on Tuesday to close higher following the worst trading day of the year to start the week. The gains helped the major indexes snap multi-session losing streaks with near-term resistance levels holding into the closing bell.Aside from the Nasdaq, the major indexes posted an inside session, meaning higher highs and lower lows […]

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China confirms it is suspending agricultural product purchases in response to Trump’s new tariffs

agricultural products

China confirmed reports that it was pulling out of U.S. agriculture as a weapon in the ongoing trade war.A spokesperson for the Chinese Ministry of Commerce said Chinese companies have stopped purchasing U.S. agricultural products in response to President Trump’s new 10% tariffs on $300 billion of Chinese goods. “This is a serious violation of the […]

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U.S. stock futures recover from steep early losses

U.S. stock market

Futures rise from session lows after yuan’s reference point set higher than expectedU.S. stock market futures recovered from steep early losses Monday night, rallying about 500 points in a reassuring indication following the biggest selloff of the year for Wall Street. Dow Jones Industrial Average futures were last up 0.2%, while S&P 500 futures  rose 0.3% […]

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Bears Stay Aggressive

U.S. markets continued their descent to lower lows on further escalation of the U.S. / China tariff war. Specifically, China asked state purchasers to cut imports of U.S. agricultural imports by half while the yuan surged to over a decade low versus the dollar.The technical damage was severe as the 50/200-day major movings were breached […]

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